Maryland House Hacking

[Brian Kolb]

Investment Info:

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

Purchase price: $281,000
Cash invested: $40,000

I purchased a single-family home in the beginning of 2019. I spent the first 3 months converting the single-family into a duplex. I now house hack the house, I rent the top unit out and live in the bottom unit. The top unit pays for the mortgage plus some and when I move out the bottom unit will be straight profit. I purchased this deal using an FHA Loan as well as investor money for the repairs. The proforma looks pretty good for when I move out. I am expecting to profit around $1600 a month.

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

I needed a place to live and wanted to get started in real estate investing. I found this deal and figured out a way to make it work.

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

I found this deal on zilliow. Unfortionatly I had to compete with on other buyer for this deal, however I was still able to get it for a good price.

How did you finance this deal?

I used and FHA loan for the deal and a private investor for the rehab.

How did you add value to the deal?

I converted the single family house into a duplex.

What was the outcome?

It cash flows everymonth and allows me to live for free.