House Hack in Spokane, WA

[Haydn Halsted]

Investment Info:

Single-family residence buy & hold investment in Spokane.

Purchase price: $270,000
Cash invested: $13,000

Just closed on my first house hack! This property is close to Gonzaga in Spokane, WA so I will be living in the upstairs master suite and then renting out the two bedrooms on the main floor.
Once I move out, I will be adding a 4th bedroom and the property will cashflow about $400 a month.
The best part is that the appraised value is came in $100K over what I paid for it so I will be quickly turning around to refi, wipe my PMI off the loan and then pull a HELOC to use for future investments.

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

Being able to live for free or nearly free while having the opportunity to build equity.

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

I was going to list the property for my friend, but they presented me with a price they would feel comfortable with and it was a price that worked well for my numbers.

How did you finance this deal?

Conventional Loan, 5% down.

How did you add value to the deal?

New flooring and interior paint, will add a bedroom down the road. Don't really need to add much though.

What was the outcome?

I have a $100K in equity on my first property and living for nearly free!

Lessons learned? Challenges?

Being patient for the right property and situation to come about and being ready to jump on it. Patience will always win and it worked in this situation.

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

I worked with myself and Hunter Zier of Heritage Home Loans financed it. I've only been self employed for 1 year and he was able to get me qualified which was amazing after going through 8 different loan officers.