House Hack a Multi Family

[Paul Herrera]

Investment Info:

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

Purchase price: $760,000
Cash invested: $23,000

House Hack

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

My girlfriend and I live in Boston, and our rent keep getting expensive, to the point we were living check-by-check. We decided to buy a house. The market was/is ridiculously hot and we couldn't find anything. This pushed us to look for different alternatives, and learned about REI. Our mentality changed and we started looking for multi-fam. After being outtbidded 18 times, we got a deal, and now we pay 90% less of the average rent in one of the most expensive cities in the US by House hacking.

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

MLS. Waving multiple contingencies

How did you finance this deal?

Conventional Loan 5% down payment

How did you add value to the deal?

Leveraged my knowledge

What was the outcome?

House hacking is allowing us to save money, that we plan on using to buy more multi families.

Lessons learned? Challenges?

Hot market was definitely the biggest challenge for us, but forced us to learn about REI. Now our mindset has changed, and we don't want our dream home anymore (at least for now). We want REI to be our way out of the rat race

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

After working with different agents, we found the best one. Karina Mejia from EVO Boston. She did not only helped us to get a house, but also inspired us to become investors. We can’t wait to work
With her again. We definitely recommended her.