House Hacked My First Primary

[Nick Velez]

Investment Info:

Townhouse buy & hold investment in Gainesville.

Purchase price: $140,000
Cash invested: $7,000
Sale price: $160,000

This 3/3 townhouse was the first property I purchased at 20 years old with an FHA loan. There were 3 bedrooms and a tiny enclosed porch so I rented out 3 of the bedrooms for $1400 a month total and lived in the enclosed porch until one of the roommates moved out. I cash flowed $300 a month and used all my housing savings to purchase another house hack the next year and turned this one into a full rental.

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

I wanted to get into real estate but had limited cash and income from my job.

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

Purchased off of the MLS

How did you finance this deal?

Fha Loan

What was the outcome?

I lived for free for an entire year (and made $300 a month) and got the ball rolling on my real estate investment journey. After housing hacking for a year, I was able to save enough to purchase a house the next year and repeat the process. I ended up keeping this townhouse for a year as a rental but ultimately decided to sell it to purchase a higher yielding investment in the future.

Lessons learned? Challenges?

Living in a tiny enclosed patio is NOT fun but definitely do able!