House Hacking in Phoenix

[Sarah Hoffer]

Investment Info:

Single-family residence buy & hold investment in Phoenix.

Purchase price: $272,000

I am house hacking a 4bd/2ba SFH in Phoenix. I had 2 female roommates Feb-May and I was living for free. I added a 3rd roommate in June, and I have been living for free and cash flowing approximately $600/mo since June.

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

Craig Curelop’s house hacking story.

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

I worked with a realtor and I found the house on the MLS.

How did you finance this deal?

3% down conventional loan from AZ credit union. I locked in a 2.5% rate in Nov 2020

How did you add value to the deal?

I took the smallest room and rented out the rest.

What was the outcome?

Feb-May and I was living for free. I added a 3rd roommate in June, and I have been living for free and cash flowing approximately $600/mo since June.

Lessons learned? Challenges?

It’s important to do your research, but at a certain point you have to pony up and just buy the property. Challenges: I was doing it basically on my own with no family to guide me, my realtor was not as engaged as I would have liked. I had serious doubts of the area the first few months and considered selling multiple times. Finding roommates took a decent amount of time and effort to interview and screen.

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

Ben Brown - AZ Credit Union.