House hacking a 4 bed 2 bath spit entry

[Seth Mceleney]

Investment Info:

Single-family residence fix & flip investment in Buffalo.

Purchase price: $230,000
Cash invested: $3,500
Sale price: $230,000

House hacking a split entry with a fully livable downstairs and rehabbing the upstairs while I live in it.

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

Being able to rent the downstairs out to help pay for my mortgage.

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

On realtor.com. I sent in an offer 5000 under asking price and it got accepted, it actually appraised for 16,000 more than we paid for it which was nice to hear.

How did you finance this deal?

Conventional with a second mortgage for our down payment.

How did you add value to the deal?

Taking out a wall opening up the kitchen and putting new cabinets in, also putting new carpet in the living room. Painted everything downstairs as well as the cabinets and put new handles on them.

Lessons learned? Challenges?

Still in the deal! Main challenges so far is funding the rehab.

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

Just an agent!