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Updated about 3 years ago, 10/17/2021
House hack #2 Portland Connecticut
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $425,000
Cash invested: $33,000
The journey continues, property #3/house hack#2 located in Portland Connecticut. My wife and I just wrapped up living our one year obligation in our New Britain, CT house hack and decided to keep the momentum and do another. I am truly humbled by the knowledge that we have obtained over the last year living in our first house hack. Looking forward to seeing what new experiences we will have with this one.
What made you interested in investing in this type of deal?
The wife and I just came up on our 1 year obligation to live in our first house hack. We don't mind house hacking at all and figured we would jump into another once we found one.
How did you find this deal and how did you negotiate it?
Traditional MLS deal. Ha, no negotiation here. We had to overpay a bit for this one, but its all good!
How did you finance this deal?
FHA 5% down
How did you add value to the deal?
The property was pretty turn key with nothing needing to be done from day one.
What was the outcome?
We bought it, moved in, and life continued on.
Lessons learned? Challenges?
I have to be honest, this was not the greatest deal. We over paid were a little too excited for how nice the property was and the neighborhood. I did face a bit of regret right after closing and was afraid we made a big mistake. I quickly got over it and just told myself to learn from this experience and be more patient next time. But, I also had to remind myself I am still way better off than my neighbors who are paying $1,500-$2,000 mortgages on their SFR. Its all good!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Attorney - Joette Trinh w/ Trinh Law
Agent - Stephen Cornell w/ Berkshire Hathaway
Lender - Nima Rezvan w/ Prosper First Funding
Inspector - Paul Farrell w/ Farrell Home Inspection LLC
Insurance - Ashley Tranquist w/ Tranquist Insurance
