House Hack in Boca Raton

[Matthew Brill]

Investment Info:

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

Purchase price: $615,000
Cash invested: $15,000

Duplex in east Boca Raton
1999 construction
2- 3 bed 2 bath units

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

Upgrading my living quality and subsidizing my living expenses.
Appreciating market with good school zone, near the beach and downtown area.

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

MLS. Negotiated through agent based off of comps.

How did you finance this deal?

100% LTV physician loan.

How did you add value to the deal?

None.

What was the outcome?

Still live in one unit. Inherited good tenants. Slowly raising the rent to market value. Recently refinanced the mortgage decrease my payment by $600/month!

Lessons learned? Challenges?

Don't wait to buy real estate, buy real estate and wait. When I bought the house the appraisal came in $15,000 under contract. I had to come out of pocket $15,000 as the seller was unwilling to negotiate further. I knew the appraisal wasn't true market value. A year later the property appraised by plenty. I got to renegotiate my deal with a lower interest rate, increasing my cashflow.