3 unit MF House Hack in Manchester, NH

[Summer Cherry]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Manchester.

Purchase price: $350,000
Cash invested: $23,000
Sale price: $360,000

3-unit 3BR, 2BR, 1BR MF house hack

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

I wanted my mortgage to be paid for.

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

I hired a realtor who's realtor husband was the seller's agent. Off market sale.

How did you finance this deal?

FHA 5% down

How did you add value to the deal?

I renovated the units and rented them.

What was the outcome?

I get $1000/mo from the 1 BR and $1650/mo from the 2 BR. I live in the 3 BR.

Lessons learned? Challenges?

Better due diligence on the home inspection. The seller didn't actually fix what was agreed upon.

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

I worked with a realtor. I did like my lender RMS who gave me a 4.625% rate 30 yr mtg.

[Jonathan Fothergill]

@Ann Bellamy

I must agree with you, I was confused when I read that. Doesn’t seem like those numbers would make sense in my opinion.