Quote from @Dylan H.:
Quote from @Brittany Minocchi:
Sounds like they're probably referring to house hacking, so it's an investment property but also their primary residence. With FHA for example, you can put 3.5% down on a multifamily, live in one of the units and move after the one year requirement.
True, but nope, the example I am talking about is an STR
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $246,500
Cash invested: $40,000
bought this home as an STR investment spent 12k on the downpayment, 11k in closing costs 8k on furniture and some more on miscellaneous items to get to 40k, The home now cashflows over $1700 per month as an STR
What made you interested in investing in this type of deal?
Numbers worked and just made sense to buy
How did you find this deal and how did you negotiate it?
MLS and Zillow; was the agent on the buying side for myself
How did you finance this deal?
5% downpayment first time home buyer
How did you add value to the deal?
Furniture, backyard makeover, Fire Listing pictures
What was the outcome?
$1700 per month in cashflow
Lessons learned? Challenges?
It takes longer than expected to get an STR property up and running.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself as the agent :) Highly recommend me (haha)
