House hacked duplex with NO MONEY back in 2009

[Luke M.]

Investment Info:

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

Purchase price: $95,000
Cash invested: $35,000

My first investment property, which I house hacked, renovated myself in both units, basically roughed it for a long while!

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

House hacking, living in one unit and letting the proceeds from renting the other unit pay for my living expenses.

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

Through the MLS, haven't found a deal on the MLS since. I've dug up every deal since.

How did you finance this deal?

FHA

How did you add value to the deal?

Full renovation

What was the outcome?

Both units are furnished rentals on airbnb and vrbo, and doing well!

Lessons learned? Challenges?

Have your sewers cleaned every other year for peace of mind...cheap insurance!