House Hacking - Spokane, WA

[Haydn Halsted]

Investment Info:

Single-family residence buy & hold investment in Spokane.

Purchase price: $340,000
Cash invested: $34,000

Currently working on a getting my first house hack. It'll be a 7 bedroom, 4 bath house. It's currently a 6 bed, 3 bath but the owner agreed to add an extra ADU unit for no extra cost to me.

It'll be better than the 1% rule with me living in the home!

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

I'd be able to live completely for free plus profit every month. It will nearly cover all my fixed monthly expenses after 1 deal.

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

Found it from another agent in my office. The house was taken off the market after it didn't sell and now the seller is willing to let it go after doing some additional upgrades for the original purchase price.

How did you finance this deal?

Working with my dad. I will bring the cash and he will take on the loan until I can become financeable. I've been a Realtor for less than a year.

How did you add value to the deal?

The house is turn key so I'll either rent it out to students and be able to hit the 1% rule or I'm considering an adult family home and will be able to generate a lot more profit at that point.

What was the outcome?

We'll find out! Letting the seller finish up the last project and will be getting everything lined up this week.

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

me!

[Haydn Halsted]

@Amber Mocalis thanks for reaching out and catching up on these notifications! Yes, I’m close enough to the universities that I rent by the bedroom. One of my tenants is at the WSU nursing school and the other is actually a contractor (he’s a great tenant because he’s never here haha).

I rent my rooms for $650 per month plus their share of the electrician bill so it comes out to about $680 a month for each tenant.

If you can get a 3-4 bed house under $300K in the Logan neighborhood you can do pretty well with student housing. Let me know if you have any questions!