House Hack in Beacon NY

[Amanda Gisonni Kittredge]

Investment Info:

Single-family residence buy & hold investment in Beacon.

Purchase price: $335,000
Cash invested: $33,500

I purchased this property in March of 2020 right before the Pandemic hit and was fortunate to get a great low mortgage rate. This is a house hack so I am living with roommates and am in the process of updating the basement which will be a separate apartment that I will rent out.

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

I was interested in this deal because I was tired of renting and wanted to have a space of my own. I am very frugal and want to be financially independent and doing a house hack will allow me to minimize my monthly housing expenses while covering my mortgage, taxes etc. This is a step forward in the right direction for me to achieve my goals.

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

I am a real estate agent so I found this deal on the MLS. I knew the comps in the area and new this house was in an A neighborhood and needed a little bit of TLC. I knew what price I was willing to pay and what price I would walk away at. And fortunately I did not have to walk away.

How did you finance this deal?

I financed through conventional financing through a local mortgage broker with only 10% down.

How did you add value to the deal?

So far I have boosted curb appeal by power washing the exterior, painting the shutters, removing some old rotting fences and dead trees and bushes. Inside I painted the entire place to give it a modern clean feel, added a kitchen island w/ butcher block. Next step is to fix up the basement to rent out.

What was the outcome?

The outcome is good so far, enjoying the house and not renting. Once the basement is fixed up, it will get rented and we will see some savings.

Lessons learned? Challenges?

Lessons learned, so far learned a lot about plumbing, electrical and installing a hot water tank.

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

I represented myself as an agent on this deal.