House Hacking our way to Financial Freedom

[Mel Volland]

Investment Info:

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

Purchase price: $130,000
Cash invested: $35,000

Purchased sight unseen. We house hack this duplex and plan to move out in 2021 to increase cash flow!

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

We want financial freedom, and house hacking is the perfect strategy for investors or families starting out. The tenant’s rent alone has the potential to cover all mortgage costs allow you to live FOR FREE!

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

We found it remotely. We connected with a local agent who helped us hunt for our perfect property.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Renovated both units at separate times. Started with the unit we lived in, while keeping the inherited tenant in the other.

What was the outcome?

We actually completed our first BRRR strategy! The value of the property has gone up and we cash out refinanced bringing our interest down significantly, our monthly payment also decreased resulting in more cash flow overall.

Lessons learned? Challenges?

The biggest challenge was building a successful and reliable team. We have had several contractors stand us up, or try to take advantage of us. Also being able to remove or recognize our worry...worry doesn’t help any situation and it will all work out in the end some way or another. Just keep taking necessary actions forward.