My First Ever House Hack and REI property

[Tyler Lynn]

Investment Info:

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

Purchase price: $160,000
Cash invested: $8,600

My first ever real estate Investment! This duplex has been a house hack for me. I used an FHA 3.5% down mortgage, after every thing my mortgage comes to about $1,100 and the other side pays $850 in rent! A great example of how house hacking can cut your expenses with very low entry fee.

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

I think any tool in REI that you can get into with low or no money down is a valuable tool and this house hack has been the beginning of that for me.

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

NETWORKING!!! I started going to the local meet up here in Tallahassee and after about three months and making my interest known (very important). I bought this property off market from the founder of the RE meetup.

How did you finance this deal?

FHA 3.5% down mortgage. What makes house hacking so appealing.

How did you add value to the deal?

This is a little different than most added value for individuals. The way this property has added value in my life is it is going to be my own personal storage unit while I travel the world for a year (and additional rental unit).

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

Keller Mortgage is the lender I used and surprised me with the low rates. I was given a 4.25% interest rate on the mortgage when most of my pre-approvals were coming back 4.5% or higher.