My first triplex that I house hacked

[Matt Jones]

Investment Info:

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

Purchase price: $247,500
Cash invested: $33,000

Triplex

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

I wanted a place that I could house hack and this seemed like a good started property.

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

I found it on MLS. After the inspection, I negotiated the price lower to account for needed repairs.

How did you finance this deal?

FHA loan. I later refinanced into a traditional loan once I had enough equity in it.

How did you add value to the deal?

I fixed up the garage to start renting it. I also replaced windows and carpet.

What was the outcome?

I've been able to increase the rents

Lessons learned? Challenges?

Don't do upgrades just to be nice. Upgrades need to have a specific increased financial outcome in mind.