House Hack Duplex and Became Primary Residence

[Ian Checketts]

Investment Info:

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

Purchase price: $130,000
Cash invested: $10,000

House hacked this property as my first personal home. We had to fully renovate the home, outdated, termites, and so much more! We live in 1 side for 18 months while it paid our mortgage then rented it out fully.

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

Great area, great price, and served as a temporary personal residence.

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

Direct mail. Theres was lots of termite damage so I used those issues heavy!

How did you finance this deal?

Private Lender 10% and 2 Points

How did you add value to the deal?

I undervalued it and based it mostly off income because there aren't many comps in the area. When refinanced the appraisal came in at $300,000 thats $100,000 over our cost!

What was the outcome?

Great rental I may keep forever!