House-hack to buy-and-hold

[Jonathan Ramos]

Investment Info:

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

Purchase price: $245,000
Cash invested: $50,000

House-hack that turned into a buy and hold

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

I was in college and did not want to pay rent so I decided to buy instead and house-hacked.

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

I used a Real Estate agent.

How did you finance this deal?

Conventional financing 5% down no PMI first time home buyer program.

How did you add value to the deal?

I tore each unit down and put in new kitchens, paint, refinish floors, and re-did decks.

What was the outcome?

I rented it out to friends at first now i have long term tenants in each unit and if cash flow positive.

Lessons learned? Challenges?

Sometime charging a little less and having long term tenants is better than getting top dollar always.

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

I did work with another agent but I have done this strategy now several times. I would recommend myself as many agents do not know much about multi family properties.