First House Hack using VA loan

[Stephen Spearman]

Investment Info:

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

Purchase price: $235,000
Cash invested: $2,000

Contributors:
Michelle Marie Spearman

This property is an unconventional duplex that my wife and I house hacked for a year and a half. It was our first investment property and taught us a ton of difficult lessons about real estate. It was built in 1932 with the main house being 5 bed room and 2 bathrooms. The back of the house has what was a 2 bedroom, 1 bathroom in law suite that was walled off and metered separately. After a year we refinanced it to improve the cashflow and I had to replace 2 hvac units and remodel the entire back apartment. Purchased with a VA loan for 0% down, but in total probably have nearly $15,000 in repairs I have done.

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

6 months making offers on multifamily properties with no luck

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

Pocket deal form realtor

How did you finance this deal?

VA home loan

How did you add value to the deal?

Remodeled and Airbnb one unit for a while

What was the outcome?

Learned a lot of hard lessons about real estate and we made it work.