1st Investment, 1st Househack, 1st Step

[Raj Patel]

Investment Info:

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

Purchase price: $335,000
Cash invested: $11,865

This is a 4 unit place in Little Village Chicago, IL. I am house hacking the place. The rents from the other three cover the PITI, and utilities. There is only a little left over after for repairs but not enough to cover all expenses. When, I move out it will cash flow nicely covering CAPEX and Maintenance.

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

I invested in this deal to cover my housing expenses.

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

I found it using Redfin

How did you finance this deal?

FHA Loan

How did you add value to the deal?

I am in the process of removing all the violations which scared away a lot of the other buyers.

What was the outcome?

Still holding

Lessons learned? Challenges?

I should always ask what I feel is right. There some issues with the place which I should have asked for a reduction in price but I factored it in my investment and the numbers still worked so I didn't. The worst thing the seller could have said was no and I could have still moved forward.

[Jonathan Klemm]

@Raj Patel - Congrats!!!!  Little village 4 unit that's awesome.   If you need any renovation work feel free to get ahold of us.