North End Boise, ID - Tiny House Hack

[Brian Mullally]

Investment Info:

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

Purchase price: $274,900
Cash invested: $40,000

Single Family Home in Boise's desirable North End District. Designed, permitted and constructed a 600 Sq ft. Mother-in-Law unit on the back half of the property. Main unit (1,637 sq ft, 4 Bed/2 Bath) is a tenant occupied long term rental. Currently House Hacking the Mother-In-Law but have had success with Airbnb as a short term rental as well.

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

I was looking for a way to dive head first into real estate investing and house hack in the best neighborhood in Boise.

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

We found this deal on the MLS with the help of our Agent

How did you finance this deal?

FHA Loan

How did you add value to the deal?

Converted a poorly used shop on the property to a 600 sq ft, 1 bed/1 bath living unit. Poured a new driveway and separated the Main unit form the second unit on the property to create two private living spaces.

What was the outcome?

Successfully converted a Single Family home into two separate units. Currently house hacking and living rent free in the Mother-In-Law quarters with long term tenants in the main unit.

Lessons learned? Challenges?

This was my first experience buying a home so I learned the whole process from start to finish with buying a single family home and the loan process. I also gained a tremendous amount of experience through managing the construction of the mother in law from start to finish. Everything from the permitting process with city planning and zoning to building materials selection to self performing most of the hands on work myself (with help from experienced friends and contractors).