House-Hack deal break down

[Joe Miller]

Investment Info:

Single Family House-Hack, Columbus, OH 

Purchase price: $365,000
Closing Costs : $24,726

Monthly Income: $3,150 + Live for "free"
PITI payment: $2,415 

This is my first solo deal and the most mammoth house-hack I could manage... it is a 6Bed2.5Bath. Go big or go home! It was on the market for 490k, then dropped to 440k, then 390k for a few days then was removed from the market(was cancelled). 

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

The biggest was the bedroom count. I networked with people and had 4 of the 5 rooms reserved prior to closing and rented the last one shortly after closing. Four larger rooms at $650 per room and one of the finished attic room for $550 with me in the additional attic room... the smallest, ugliest attic room(which currently does not have AC).

Next biggest, was the neighborhood; there is new condos directly across from the property with two other large condo complexes under construction at the framing phase within 300ft of the front door. It is a great location for appreciation and seems to be being gentrified very quickly. 

Finally, it is close to Columbus State and Columbus College of Art & Design. I hope to continue renting by the bedroom for several years.

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

Cancelleds from the MLS. Contacted the listing agent, she waived 1/2 of her commission since it was not listed and did not expect the seller to use her when re-listing it.

How did you finance this deal?

Conventional, 5% down. 

Featuring the seller and myself 

P.S. it is not a duplex even though the address presents it as one. It is done as such because when the attic was finished the seller ran separate electric upstairs and then zoned it as a duplex.(I think it hindered him when selling because it caused a weird situation in the lending process)