Closed House Hack in Rockwall, TX

[Corey Slaughter]

Investment Info:

Single-family residence other investment in Rockwall.

Purchase price: $192,000
Cash invested: $25,000

This is a house that I am currently house hacking. I wanted to take advantage of the lower interest rates and get started with real estate investing.

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

I liked the idea of house hacking as a way to live in a house while furthering my financial position.

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

I used a real estate agent that set up automatic emails for my criteria.

How did you finance this deal?

I saved up money from my job to finance this deal.

How did you add value to the deal?

I have not added value yet but the kitchen and bathrooms are little outdated which was part of the reason I picked the house.

What was the outcome?

I have one out of 2 rooms currently rented. This puts me at only paying $500 a month for PITI which is better than my previous apartment even though the cash flow is negative. The third room is small and hard to rent (part of the lessons learned). This is something I will look into more in depth on my next deal (i.e. suitability for rent style. This house with a small third room could work well as a typical rental)

Lessons learned? Challenges?

This was tough because I really wanted to get into a deal without having to sign another lease or go month to month at my previous apartment. I definitely pushed this deal through because of this and didn't get the best deal. I am optimistic that the next deal I pursue will not have these other pressures and I will be free to make offers without need for purchasing.

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

I worked with an agent but her knowledge on house for investments and rentals did not seem to be the best.