Hello BP community. Wanted to highlight the details of Ryan Corbeils first house hack purchase. Deal closed April of 2023. Investment Details below! Great job Ryan!

Investment Info:

Rent by the room house hack.

4 bedroom/ 3 bath single family home located in Denver Colorado (converted to 6 bedroom).

Cost while living there will be about $750/month

After moving out, will be slightly cashflow positive using conservative numbers.

5.5% interest rate. (paid down the interest rate).

Purchase Price:

$620,000

Cash Invested:

About $37,000. Includes about $15,000 in repairs my real estate agent, Jeff White, was able to negotiate $18,000 in seller credits!

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

I reached out to Chris Lopez and the Envision Advisors team about a year ago looking for guidance on how to get my foot in the door with real estate investing. Shortly after connecting with Jeff White, I understood the amazing possibilities that rent by the room house hacking had.

Jeff’s expertise and guidance were immensely helpful throughout this process with his 7+ years of house hacking experience and tenant screening.

How did you find the deal and did you or the agent need to do any negotiating?

Jeff sent me this off-market deal from one of his connections. Oh, yes, there were negotiations. We were able to beat another cash-competitor buyer and obtain 3% in seller credits and buy my rate down to 5.5%

How did you finance the deal?

Conventional 30 yr, 3% down. This was an adventure, as my original lender backed out with only about 1 week left to close. Matt at Impact Lending led his team to help me close the deal with a well-known mortgage lender.

Did you add any value?

I'll be turning 2 of the rooms into bedrooms. I contracted to re-side the exterior, replace the electrical panel, install external sewer clean outs and I'm in-progress installing LVP flooring in the basement from a "welcome to homeownership" sewer backup and flood within a few weeks of moving in.

Annual return below reflects after moving out.

Keep on crushing it Ryan!