House Hack to Rental

[Sepp Wigger]

Investment Info:

Townhouse buy & hold investment in New Castle.

Purchase price: $325,000
Cash invested: $40,000

1444 sq. ft./ 3 bed 2.5 bath / 1 car garage

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

I bought this property as a house hack. I was needing to find a new place to live and had always considered buying. I found a great town home that I was able to get for a good price and rent out to my friends to keep my costs at near nothing. It is now a full rental property being that I moved to Alaska. I am renting out to my friends still for slightly higher than cost. Sure, I might not have great cash flow but I trust them with my life and know that they are going to be good learning tenant

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

I found it through a local agent, who is a family friend on the MLS.

How did you finance this deal?

Conventional Mortgage

What was the outcome?

Its been great so far.

Lessons learned? Challenges?

Its all been challenging and a new adventure. There are always small hiccups but we learn and adapt as we go. The first step is just doing it and now I'm comfortable enough to try again.

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

I worked with an agent in Glenwood Springs named Gerald Mohl, and Mike Picore at Bay equity. I love them both, they did a great job helping a 22 year old first time home buyer