I bought my first house and investment property!

[Lucas Dubs]

Investment Info:

Single-family residence other investment.

Purchase price: $333,000
Cash invested: $15,331

I bought a house with an FHA loan and I'm house hacking it. I rent out rooms in the house just enough to cover the mortgage. Sellers paid closing costs all I paid was a down payment and $4,485 to re plumb the entire house because it had polybutylene pipes. I plan on putting in a bunch of sweat equity into the property before I sell or move. Right now it appraised for $339,000

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

House hacking seems like the best bet for me while I transfer out of the military and start going to college.

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

My girlfriend lives here and works as a personal trainer. One of her clients is a real estate agent and they became close. I used her to find properties and facetime me for walk throughs while I was still stationed overseas. The negotiating part was simple due to the sellers being extremely easy to work with. Anything I wanted included with the house they agreed to.

How did you finance this deal?

I used an FHA loan with a Co-signer. I would have rather used a VA loan with 0% down but because I'm getting out of the military and have less than 2 years experience as a property manager not much of the income I'm making could qualify for a loan.