First house hack. Excited for the future

[Brandon Bear]

Investment Info:

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

Purchase price: $400,000
Cash invested: $96,400

first house hack. currently rent covers expenses. cashflow is written based on full occupancy. Purchased as a 3/2 on one side and 2/2 on other. converted to have both be 3/2 swapped carpet to LVP and upgraded appliances to stainless and added W/D to both sides to increase rents

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

I love house hacking as a way to lower (or even cut out) living expenses. Been inspired by minds such as Dion McNeeley and Gram Stephan as well as through the BP podcast

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

Found it off market through an agent. Originally was looking through MLS, but the agent had a client ready to cash out this duplex. negotiated the remodel to be included and completed before closing.

How did you finance this deal?

Conventional loan. 20% down and extra cash invested is purely for reserves

How did you add value to the deal?

had the previous owner convert one side from 2/2 to a 3/2. upgraded flooring and appliances with granite counters added

What was the outcome?

still in progress. currently a house hack with the goal to find another so we can move out and reap the cash flow

Lessons learned? Challenges?

main challenge is patience. once I had the deal, waiting for each step to complete always seems to take forever, but I have caught the bug and want to buy more

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

I love my agent but for now I will hold onto their names like gold