Job relocation - single family house hacking

[Ken Wang]

Investment Info:

Single-family residence buy & hold investment in Flower Mound.

Purchase price: $355,000

Since we are relocating from MD to DFW, TX, due to pandemic, we chose to buy house remotely. To minimize the risk of remotely buying primary residency, we figured to take advantage of low interest rate, and buy a house with reasonable profit for house hacking. We will rent later after 10 months when we buy another primary residency after we are better familiar with the environment.

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

15 years 2.5% primary residency rate, great school district and location, stable appreciation.

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

MLS

How did you finance this deal?

conventional loan

What was the outcome?

Expect 10.8% return, >$720, principle built if rent @ > $2350 after all the repair, PM vancancy taken into account

Lessons learned? Challenges?

Relcoation from MD to TX, due to pandemic, we bought this house remotely so there are some details of the house we missed through virtual tour.

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

@Vincent Wright, great agent