FHA house hack with 3.5% down

[Ryan Crowley]

Investment Info:

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

Purchase price: $161,000
Cash invested: $6,000

FHA 3.5% down house hack!

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

the ability to use an FHA loan and house hack it

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

Found on zillow and was able to meet the owner and negotiate that way

How did you finance this deal?

3.5% down FHA loan fixed for 30 years

How did you add value to the deal?

later refinanced to a much better interest rate with FHA streamline

What was the outcome?

increased cash flow with super low down payment

Lessons learned? Challenges?

background check tenants very well and keep their deposit if damaged

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

Scott Swope at Flanagan State Bank in Bloomington, IL