First SFR rental/house hack

[Wayne Williams]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $320,500
Cash invested: $10,000

Acquired with 0 down. 10k in DIY upgrades to turn basement into a basement apartment (MIL). looking to BRRRR this deal into our next purchase in 2021.

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

There is a separate basement entrance so I knew by adding a kitchen and working the space it could be rented t cover the majority of the mortgage.

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

MLS listing. negotiated with bank loan a little over asking and had sellers pay closing cost to get in for 0 down.

How did you finance this deal?

Cypress Credit Union conventional loan.

How did you add value to the deal?

cosmetic upgrades as well as adding a basement kitchen.

What was the outcome?

Rented

Lessons learned? Challenges?

pay for speed

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

Realtor Steve Ostler was awesome as well as my lender Jimmy with cypress. I highly recommend them both.