Second Home Turned Family Investment Practice Home

[Jarod Steen]

Investment Info:

Single-family residence buy & hold investment in Buckeye.

Purchase price: $222,000
Cash invested: $45,000

Second home turned rental

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

I bought a second home to be close to my brother and cousins in Phoenix.

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

I was trying to find a home near my family in Phoenix and my brother was struggling to find a worthwhile apartment so I decided it would benefit us to get a second home

How did you finance this deal?

Conventional Loan

What was the outcome?

The Army moved me and my brother stayed behind to work on his career. He helps with my mortage and has roomates living with me. I have used "rental arbitrage" to improve my brother's quality of life and to let him live a real life "house hack" scenario.

Lessons learned? Challenges?

I've involved my siblings in all of my real estate endeavors. I'm one step closer to coaching my brother through his own property investment. He sees the value of house hacking every day!