House hacking thanks to Bigger Pockets

[Stephen Zygiel]

Investment Info:

Other buy & hold investment in Owasso.

Purchase price: $234,000
Cash invested: $23,400

House hack. With favorable market rates. We bought a home with a large upstairs we don't really use. Rented the space out to some people we know. We hardly ever see them, and they cover more than half the note.

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

Bigger Pockets podcasts subliminally made my wife more receptive to the option.

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

My wife had a room mate prior to our getting married. Her room mate didn't want to rent out my wife's old house. We were buying a house large enough to expand into having kids. During one of the showings, I told my wife to bring the room mate along to see if she liked the upstairs area.

How did you finance this deal?

Mortgage broker with really favorable terms.

What was the outcome?

The room mate pays about 3/5ths of our note.

Lessons learned? Challenges?

Remember to be open to utilize the resources available to you and look at those resources through other peoples eyes. I would not be OK renting out a room from someone at this point in my life, but my perspective is not theirs.

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

I am a real estate agent.