Househack - Aldrich Ave N

[Jeremy Mangen]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Minneapolis.

Purchase price: $248,900
Cash invested: $8,800

Househack triplex, living in third unit renting out other two.

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

I was searching for a househack and a triplex where two units were identical and massive and could be rented out for quite a bit and a third unit that was a simple 1 bedroom unit created the perfect opportunity, plus it was one of the cheapest costing properties on the MLC when looking at price per square foot. After running the numbers various ways through the Rental calculator, everything just made sense.

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

Found deal through MLS, negotiated it through my realtor. They repaired all leaks and leak stains, several of the windows, put a new roof on, and put $450 towards repainting the patio and balcony due to peeling paint concerns.

How did you finance this deal?

3.5 down, FHA first home buyers loan.

How did you add value to the deal?

With negotiating a new roof and repainting plus updating several minor things inside (doors, outlets, appliances, etc.) I added significant value. More value will continue to be added as we repaint the patio and balcony once spring comes around and as I consider putting new siding or repainting the outside.

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

I worked with Sam Foltz through Fulton Realty and I'd recommend him from mountaintops, he's that good. He's on Biggerpockets as well so if you're looking for an investor friendly realtor go ahead and hit him up, he'll knock your socks off.