My first multi family house hack

[Edward Kiser]

Investment Info:

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

Purchase price: $72,000
Cash invested: $3,000

Currently house hacking this duplex, I am living in one unit and renting out the other. The rent I collect covers my fixed costs, water and sewer. I still pay for electricity, garbage and gas. After 12 months I will double my income on this unit and will cash flow approx. $200/ unit

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

This property has good value add potential and is in a strong rental market.

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

My RE agent found this deal off market.

How did you finance this deal?

FHA loan

How did you add value to the deal?

Applying cosmetic updates to the interior.

What was the outcome?

Still underway, but so far so good.

Lessons learned? Challenges?

This is my first property I am managing myself, finding and closing on a deal is half the battle. Being a landlord is very time consuming and difficult at first.

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

Yes, my agents name is Rich Cammisa. If your in the Butler area I would highly recommend him!

[Edward Kiser]

Originally posted by @Kevin Zolea:

@Edward Kiser Congrats on your first deal! Did you inherit a tenant?

Yes I did actually both units were occupied. I had one tenant move out, and the other I screened and decided to keep! They have been renting the property for over 10 years.