Ultimate First House Hack

[Pedro Echevarria]

Investment Info:

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

Purchase price: $200,000
Cash invested: $15,000

I was able to use an FHA loan (3.5% downpayment) for this 4 unit. I'm currently occupying one of the floors and renting out the other three.

*My rental income covers more than my mortgage payment while living here.

PITI: $1,700

Monthly Gross Cash Flow: $650 (While living in a unit)

Monthly Gross Cash Flow: $1,650 (When I move out)

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

The goal was to cut my living expense

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

MLS, a deal that went back on the market. I quickly took advantage and went to see it FAST.

How did you finance this deal?

FHA

What was the outcome?

I'm getting paid to live in a full two bedroom unit while the tenants on the other units are paying down the mortgage!

Lessons learned? Challenges?

Always shop around for lenders. Don't get discouraged if one lender says "NO" to you. Every lender has its own overlays that can effect your situation, but me mindful that there are many many many lenders that will love to help!