1 investment (house hacking) duplex

[Stephanie Pham]

Investment Info:

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

Purchase price: $280,000
Cash invested: $42,000

I'm house hacking so occupying 1 side for a year. Tenant on month to month currently paying $1100 but I believe not market value and plan to raise rents to 1350

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

Cash flow and in an area that is currently safe but still up and coming area

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

MLS with realtor. Used bigger pocket cash flow calculator to determine if deal.

How did you finance this deal?

Conventional 15% down

How did you add value to the deal?

Just closed 2 days ago so haven't done any upgrades but appraised 5k more then purchased for.

What was the outcome?

Have more of my money in the deal then I wanted.

Lessons learned? Challenges?

Lenders initially told me I could put 5% down but after my offer was accepted they told me multifamily required minimum 15% if owner occupied.

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

Nova mortgage got the deal done in like 21 days.