House Hacking Started My Real Estate Journey
Investment Info:
Small multi-family (2-4 units) other investment in Lagrangeville.
Purchase price: $200,000
Cash invested: $20,000
Sale price: $290,000
Single Family 4 Br's, 3 baths with a 1 bedroom, 1 bath apartment downstairs. We lived upstairs and rented out the apartment. We put in 3/4" hardwood oak, painted, updated a bathroom, painted kitchen cabinets, changed countertops & tiled the flooring.
What made you interested in investing in this type of deal?
Wanted to get into our dream home.
How did you find this deal and how did you negotiate it?
Through a real estate agent.
How did you finance this deal?
We put 10% down and took out a conventional 30 year loan.
How did you add value to the deal?
There were some issues with repairs needed and moving dates, for which I was able to use my problem solving skills to create a win/win for all parties involved.
What was the outcome?
It was a great experience in real estate investing. We were able to live in an area that gave our children a good education and the rental paid our very high property / school taxes.
I learned to be a landlord and made good friends along the way. The experience started my love & passion for real estate and helping people.
Lessons learned? Challenges?
Today, I would use OPM or use FHA funding. I learned how to screen tenants & be a landlord. I learned how to lay ceramic tile.
