Opal road House Hack

[Chris Allen]

Investment Info:

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

Purchase price: $137
Cash invested: $15,000

Owner Occupied 2:1:1 townhouse style duplex. Bought FHA with inherited tenants in half paying $675/mo. Moved in half, did a basic remodel (floors, paint, light fixtures, kitchen), renters moved out, I moved in other half, and and rented out the new side for $800/mo. Currently finishing up the other half and working on a refi.

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

Intro into investing and learn how to become a landlord while decreasing my living expenses.

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

MLS, negotiated down from $145k because of repairs and offered to pay closing cost.

How did you finance this deal?

FHA loan

How did you add value to the deal?

Remodel interior and increase rents- new flooring, paint, fixtures, toilets, painted cabinets, refinished counters.

What was the outcome?

Increased rents, working on refi.

Lessons learned? Challenges?

Don't try to do everything yourself, pay for quality work and materials.