House Hacking on Cherokee Street

[Nathan Dehn]

Investment Info:

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

My wife and I bought a duplex from a man who broke up with his girlfriend, moved to LA, and tried to manage the property himself with friends as tenants. He was highly motivated to sell but listed the property too high.
We will be rehabbing the lower unit while renting out the upper unit that is in good condition.

This is a great deal for us as we are learning how to invest, rehab, manage tenants, and put in less than $15k after the rehab.

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

My wife and I needed a house, the upper unit provides a large rent, slightly less than our mortgage payment.

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

Found it on the MLS that was overpriced and had no interested buyers.

How did you finance this deal?

FHA loan

How did you add value to the deal?

We are rehabbing the lower unit.

What was the outcome?

TBD

Lessons learned? Challenges?

Be patient, it's a long process to buy a property.

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

Krista Hartmann- Realtor
Joe Poropat- Lender
Kent Stephens- Insurance Agent

Highly recommend each of them!