House-Hacking my First Property

[Jackson Horn]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $205,000
Cash invested: $12,250

My first property and house-hack

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

I knew that I could get in with 5% down and add value while I lived there and rented out the spare rooms.

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

I found this property by word of mouth and bought it off market.

How did you finance this deal?

I used a conventional mortgage.

How did you add value to the deal?

I added value by doing cosmetic upgrades such as updating the bathrooms and updated the paint and lighting.

What was the outcome?

So far, I am able to pay my mortgage and bills from the income renting my spare rooms brings in.

Lessons learned? Challenges?

I have learned how a mortgage and refinance works. I have also learned skills such as laying LVP flooring, how to paint rooms and repair sheetrock.

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

Logan Smith at Legend's Realty.

[Bonnie Low]

Nice job and congratulations on getting started with your investing career! What do you estimate the value of your property to be now that you've done the upgrades? What do you have in mind for your next moves?