House Hacking a duplex

[Seth Sias]

Investment Info:

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

Purchase price: $155,000
Cash invested: $9,000

Current house hacking project in Circleville, Ohio

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

Great way to get started, no more rent payment

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

Lots of searching. Negotiated with a Realtor before getting my license myself

How did you finance this deal?

FHA loan 3.5% down

How did you add value to the deal?

Kitchen cosmetics (new island, faucet, cabinet handles) Built new porch for curb appeal. Minor updates throughout the home

What was the outcome?

Rented the larger side of the duplex out while Living in the smaller side. Currently cash flowing while living for free

Lessons learned? Challenges?

Do your research before trusting the agent's ad for the home. Found out midway through the deal the property was not zoned to be a duplex. Went through the process with my local zoning commission and obtained a non conforming use permit

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

A Realtor who is a friend and on my team, The Columbus Fox Group! Check us out. seth.columbusfoxgroup.com

[Steven Foster Wilson]

Originally posted by @Seth Sias:

Investment Info:

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

Purchase price: $155,000
Cash invested: $9,000

Current house hacking project in Circleville, Ohio

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

Great way to get started, no more rent payment

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

Lots of searching. Negotiated with a Realtor before getting my license myself

How did you finance this deal?

FHA loan 3.5% down

How did you add value to the deal?

Kitchen cosmetics (new island, faucet, cabinet handles) Built new porch for curb appeal. Minor updates throughout the home

What was the outcome?

Rented the larger side of the duplex out while Living in the smaller side. Currently cash flowing while living for free

Lessons learned? Challenges?

Do your research before trusting the agent's ad for the home. Found out midway through the deal the property was not zoned to be a duplex. Went through the process with my local zoning commission and obtained a non conforming use permit

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

A Realtor who is a friend and on my team, The Columbus Fox Group! Check us out. seth.columbusfoxgroup.com

 Congrats on the start! This too is how I got started in Real Estate! I bought a duplex on OSU campus, fixed it up, rented the other side. Now its generating thousands in cash flow and is now worth more then $150k more then what I bought it for!