House hacking was the only way I could convince my wife to start a business in REI and I am glad she challenged me multiple times with questions and obstacles because this forced me to get educated and find one of the best strategies to start investing. On July 17 I listened to Brandon's webinar about multifamily investing and made it my goal to actually invest on a multifamily home while living on it. Monday 21st I closed on the deal and now ready for my next one!

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

I followed the "book", got an agent and looked at many multi families homes that were in our range of pre-approval. However, while reading the book millionaire real estate agent, one thought caught my attention: many people try to find complicated solutions to simple problems. This thought made me change approach and tell my wife: Why don't we just ask the landlord? We did that and the rest is history.

How did you finance this deal?

FHA loan with both of our incomes (refer to the what you learned section for some more fun stories)

How did you add value to the deal?

No value added really, the house was in such good conditions that the inspectors say this is in their top 2% of houses. As a full time worker this worked great for me

What was the outcome?

322 cash flow (I am assuming the rent I am in is collected, this is because I only plan to be here for about 1-3 ish years). Units are under rented but I am focusing in customer satisfaction and lowering vacancies so cashflow might improve but not by a lot
24% ROI!!!!
LOTS of learning!

Lessons learned? Challenges?

- Asking to see if people are willing to sell their house is not that weird, and you can even help them solve a problem
- Don't listen to just one opinion. Worked with a loan officer who said my case it would not never go through underwriting without a green card. I asked another loan officer who contacted underwriters that could work with my case.
- FHA loans are awesome ended up doing only a 1.75% down!
- REIA lawyer won't necessarily take YOU seriously

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

Worked with Colleen Snyder who helped me with some concepts and introduced me to some great professionals including Amy Bell who did an awesome job getting my loan to the right channels. All county home inspection was a great service and very professional