First time House Hacking

[Sawyer Kelly]

Investment Info:

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

Purchase price: $417,000
Cash invested: $50,000

House Hack
Old house PITI: $1,627
House Hack PITI: $2,610
Current Rental Income: $2,325
Mortgage Remaining: $285
Annual Mortgage Savings: $16,104
Total Capital Invested: $47,000
(Acquisition 3.5% down FHA plus closing costs & Inspections: $24,700
Repairs/Renovations: $22,300)
Net Worth Return On Investment: 34%

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

House hacking seems like the best way way to improve your financial situation and get hands on real estate investing experience at the same time.

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

MLS in the midst of COVID panic

How did you finance this deal?

Personal Savings and an FHA loan

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

My real estate agent and lender were the 2 most important people on my team for this deal. Met both of them through BP meetups. They have a great relationship between the two of them and it makes the whole process smoother. PM me to get this duo's contact info if you're in southeast North Carolina.