Our First House Hack

[Adam Dittman]

Investment Info:

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

Purchase price: $241,000
Cash invested: $15,000

From redfin-

COMPLETE REHABBED NEW GARAGE BUILT BY DANLEY'S GORGEOUS KITCHENS WITH 42"ALL WOOD CABINETS WITH ALL SOFT CLOSING DRAWERS, NEW S/S APPLIANCES, NEW WINDOWS, NEW PLUMBING, NEW ELECTRIC/SERVICE, NEW BATHS, NEW FURNACES, NEW A/CS, NEW PRIVATE WOOD FENCES, NEW REAR SIDING, NEW TUCKPOINTING , TOO MUCH TO LIST COME SEE FOR YOUR SELF

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

My wife and I were tired of paying too much in rent and value the financial flexibility with the property. Our renters pay down our mortgage and we live in the second unit.

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

We found the property through Redfin. Our realtor came in with at asking offer but the seller would handle the closing costs and any repairs we saw fit. There was only minor mantel damage which the owner replaced speedily. Hindsight I would changed my approach but it was a first deal.

How did you finance this deal?

FHA

Lessons learned? Challenges?

We placed a great offer for the seller...we could have gotten the property for 5-10 grand less. Knowing now that it's all about the purchase and how that number sets you up for the future, we lost out on some initial equity gain. Lesson learned...

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

Kelly Clute from Keller Williams.