Transitioning from house hacking to a full time rental

[Janessa Storlie]

Investment Info:

Single-family residence buy & hold investment in Spokane.

Purchase price: $205,000
Cash invested: $5,000

My Husband and I purchased this property since the location is very close to Gonzaga University. For the first couple of years, we house hacked and had roommates. We only owed about 250 each month to cover the rest of the mortgage. Now we are turning it into a full-time rental property. We are hiring a property manager since we will be living out of state, so total back to our pocket will be around $350/month!

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

At the time, my husband and I were looking to purchase a multifamily home to get out of our apartment. We were going to live in one of the units and then rent out the other units. Unfortunately, the small multifamily properties in the Spokane were way too expensive compared to the market rents. We opted for a single family home close to Gonzaga University because we knew that college students would always need a place to live.

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

This home was just listed on the market. I contacted our real estate agent and we placed a lower offer then what they were asking. It was on the market for $225,000 and we were able to purchase it for $205,000

How did you finance this deal?

Traditional Financing