Second House Hack Reusing FHA

[Ashley Terenzi]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Milford.

Purchase price: $385,000
Cash invested: $25,000

Our second house hack with using FHA! We have not had the opportunity to move in just quite yet. We are currently learning the eviction process from purchasing this property (we knew we would have to learn at some point). This house is 1,000 sq feet bigger than our first duplex and the yard is 4x bigger. We couldn't be more excited for this new adventure and live free of housing expenses!

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

Found it on the MLS listed for 400k and offered 385k. It was accepted a week later.

How did you finance this deal?

FHA lending with 3.5% down.

Lessons learned? Challenges?

First time evicting a tenant for not paying rent. It isn’t a difficult process, just time consuming.

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

Worked with Harbor One Mortgage for lending and the Norwood Group for the real estate deals.