First House-Hack-BRRR in Downtown SLC

[Zane Lyons]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Salt Lake City.

Purchase price: $400,000

First property and deal – scored an off-market SFH with a mother-in-law duplex. Hoping to do a house-hack-BRRR!

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

My market is quite expensive and therefore difficult for new investors to get involved – I knew I would have to house hack for my first property to be able to afford it.

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

Networking! Told everybody I knew that I was looking to buy a house, a coworker at my W-2 said his neighbor was moving.

How did you finance this deal?

Conventional mortgage with 10% down

How did you add value to the deal?

House is livable but could definitely use some upgrades. Fully rehabbing the upstairs kitchen, bathroom, and living rooms with medium-to-high-end furnishings (to fit the area and future tenants), and basement will have smaller quality-of-life improvements.