1st home purchase, renovate and house hacking

[Jordan Quisenberry]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $73,900
Cash invested: $1,500
Sale price: $123,500

After being accepted to Eastern Washington University I couldn't find housing on campus. Having renovated houses growing up I looked to purchase a house to live in and house hack by having roommates.

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

Experience growing up in a household that made wealth through buying and fixing houses.

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

I cannot recall if I found this house through a Real Estate brokerages website listings or if the realtor brought the house to me. I used a realtor to negotiate.

How did you finance this deal?

FHA loan and down payment

How did you add value to the deal?

I did the renovation to the house. The previous owner was an older lady and the house needed significant upgrading.

What was the outcome?

Lived in it rent free while attending EWU and rented it through a PM company after I transferred to Washington State Univeristy and had cash flow of only 100 dollars a month until it was sold.

Lessons learned? Challenges?

Don't rent to friends.