House hacked a property in paradise

[Scott Wilson]

Investment Info:

Single-family residence buy & hold investment in Naples.

Purchase price: $470,000
Cash invested: $10,000

Bought a house in paradise with a separate ¨In-Law¨ suite to collect $1,000/mo

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

It had a separate private living area that could be leased for additional cash-flow

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

Set a very high criteria on MLS searches and one day it hit. Immediately made a cash offer.

How did you finance this deal?

Used my HELOC to offer cash

How did you add value to the deal?

converted the separate living area into a fully functioning 900 sq.ft. suite with kitchen, full bath, and private balcony

What was the outcome?

additional cash-flow

Lessons learned? Challenges?

get good sound insulation