HUD203K House Hack Rehab

[Connor O'Brien]

Investment Info:

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

Purchase price: $130,000
Cash invested: $31,000

HUD203K Loan for a house hack. Took over a distressed rental in Chicago's historic back of the yards neighborhood. Rehabbed the property and now live free with a low interest FHA loan!

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

I have always been interested in house hacking and the HUD203K loan product. I was able to get a property for low money down.

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

This was a highly distressed property with a massive water leak non-paying tenant among other issues.

How did you finance this deal?

HUD203K loan

How did you add value to the deal?

Flawless execution of construction and tenant buyout.

What was the outcome?

successfully secured a low interest FHA loan with rehab 100% financed.

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

Luke Kotulski from Get inland