First Townhome Investment and House Hack

[Everest Harkey]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $340,000

First property bought to house hack.

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

I wanted to house hack and with each room rented I would cash flow and live for free. I was interested in this particular deal because I see great opportunity in the neighborhood for appreciation.

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

I found this deal on the MLS. We put the offer in $20K above asking with a

How did you finance this deal?

With an FHA loan.

How did you add value to the deal?

I will be adding value by remodeling the kitchen and bathrooms. I plan to update the appliances, countertops, and vanities. I also plan to replace the carpet in a couple of years with LVT.

What was the outcome?

I’m currently living at the property for less than $400 a month. Once I find another tenant I will be cash flowing $200 a month.

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

Yes! I used Colin Smith as my realtor and would highly recommend him to anyone looking to buy or sell in the Colorado Springs area.
I used Mann Mortgage to finance my deal and would highly recommend you speak to Michael Floren about financing. Lastly, I used Timberline Inspections for the property inspection and was very satisfied with the results.