Single Family Home House Hack

[Jordan Perry]

Investment Info:

Single-family residence buy & hold investment in Redmond.

Purchase price: $635,000
Cash invested: $63,500

Single-family home converted to house-hacked duplex. Renters occupy downstairs walk-out basement, which is 2BR/1BA, with its own kitchen, laundry, and private entrance.

What made you interested in investing in this type of deal?

I wanted to house hack my primary residence in order to allow me to purchase a larger home so that I could maximize my equity build-up, with plans of using that equity to fund the next deal.

How did you find this deal and how did you negotiate it?

Redfin. Home was under-priced to generate bidding war, and I ended up paying significantly more than asking price.

How did you finance this deal?

Sale of my condo for down payment + traditional financing

How did you add value to the deal?

I added a second kitchen downstairs and put a door at the top of the stairs to make the house work more like a traditional duplex.

What was the outcome?

So far, the property has had 100% occupancy which allows me to comfortably afford the remaining mortgage payment as a primary residence. Property has significantly appreciated in the time since I purchased it, and I will soon be leveraging this equity toward my next deal.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jim Cameron's Windermere real estate team based in Bellevue, WA is top-notch.
Jim Murphy with Caliber Home Loans is knowledgeable and made the process of getting through the transaction easy.