First Multi / House-Hack

[Account Closed]

Investment Info:

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

Purchase price: $163,000
Cash invested: $32,000

House hacked my first multi-family property. Over the course of the last year I have completed 2 extensive apartment rehabs, 1 light rehab, exterior paint job, landscaping, new roof, water sealing basement and tons of other improvements here and there.
Here are some numbers from the property

PITI
$1249

Rents before improvements
$650
$1200
$850

Rents after improvements
$1250
$1300
$1200
+Coin Op Laundry

Attached are pictures of some of the updates

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

Low money down
Easy access to complete construction in my free time

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

MLS deal

How did you finance this deal?

FHA 3.5% down

How did you add value to the deal?

Basement Unit- Total Rehab
APT 1- Some new floors, kitchen and bathroom updates
APT 2 - Total Rehab
New Roof
Exterior Paint
Landscaping
Water Sealed basement

What was the outcome?

Great cashflow and was able to create sweat equity

Lessons learned? Challenges?

Easier to gut then to rehab around existing materials

[Tyler Kaye]

Well done.  This looks like you put the work in to gain a good amount of sweat equity and cash flow.  Nice work!