Living Rent Free In My Own Home From Day 1

[Alex Speiser]

Investment Info:

Single-family residence buy & hold investment in Orem.

Purchase price: $296,000
Cash invested: $10,000

I have a wife and kids and wanted to live rent free to get ourselves started on real estate investing.
The home is a 4 level, split-level home. The bottom half has its own entrance and everything to it. I rent out the bottom through Airbnb which has allowed us to earn more than what renting out to a single family would have.
This allows us to live upstairs and enjoy all the perks of owning a home with a yard and space for the kids to run around, while not paying for the mortgage.

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

I had a brother who did this, and I thought, I can do that too. So I did it.

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

I actually looked through Homie (a new real estate service based in Utah). Homie would pay my closing costs for me (WIN) and I thought that was pretty cool.
I just used the agent available through Homie to negotiate down the price only a few thousand dollars for small repairs I would have to deal with. Wasn't a big negotiation, but I also wasn't trying to negotiate much.

How did you finance this deal?

Conventional Loan.