First House Hack that ignited my investing career.

[Chase Stocki]

Investment Info:

Single-family residence buy & hold investment in Fort Collins.

Purchase price: $310,000
Cash invested: $2,500
Sale price: $395,000

First property. House Hacked with friends.

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

Wanted to move out of a small town into a big city. I could afford the mortgage with my military BAH.

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

In the hot Colorado market, it sat on the MLS for several months due to renters in the home. 2 weeks notice has to be given to renters. I offered full MLS price for them to pay closing.

How did you finance this deal?

VA Loan. 0% money down.

How did you add value to the deal?

Appreciation and aesthetics. My wife made the rental house look like a real home before we sold it.

What was the outcome?

Sold for a profit to pay for my wedding, our jewelry, and some debt we had. Had around $6k left over.

Lessons learned? Challenges?

Cash out refinance is EXPENSIVE. I lost $20k in refinancing costs. Will never do that again.
Always pay for a good agent. They are worth their weight in gold.

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

Eric Kronwall out of Fort Collins Colorado - Agent.