House hack duplex rental

[Jake Petersen]

Investment Info:

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

Purchase price: $100,000
Cash invested: $18,000

single family home converted to duplex years ago.

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

I was looking to house hack

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

I found the deal on a website similar to Craigs list. it was a for sale by owner. I negotiated the price down by 15k because of some work that was needed the the seller had missed.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

completly renovated the basement. textured walls upstairs and painted, and new carpet.

What was the outcome?

increased the rent by $200 and value of home is now worth $240k

Lessons learned? Challenges?

I would not buy another home with lathe and plaster.

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

No