The Beginning of my House Hack Adventure!

[Adam Cole]

Investment Info:

Single-family residence other investment.

Purchase price: $211,000
Cash invested: $10,450

Purchased my first house for me! I plan to rent out 1 or 2 rooms in order to live rent free!

Purchased the house for $211k and the appraisal came back at $219k. All 17 windows needed to be replaced/repaired since the seal was broken in all of them. Come to find out that all of them have a lifetime warranty and will be replaced for free once I take possession of the house.

Talk about building equity with little to no effort!!

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

I wanted to start building equity in a house with other people's money. This deal came up and seemed like an incredible opportunity!

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

Found on Zillow and negotiated with my realtor. Knowing the estimated repair cost of things, and being somewhat handy, has become invaluable in being comfortable with light renovations.

How did you finance this deal?

Through an FHA loan at 2.8% interest and 5% down.

PMI is $40 a month but I'll let my roommates pay that :P

How did you add value to the deal?

Found that all the windows can be replaced for free and that the property value was almost $10k over what I purchased it for

What was the outcome?

The deal is going through and I should be in there within a month!

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

Mathew Abro from Silverstone Reality Group is dynamite for the metro-Detroit area!