Investment Info:
Small multi-family (2-4 units) buy & hold investment in Columbus.
Purchase price: $190,000
Cash invested: $7,027
My first property was a house hack in Columbus, OH. I lived in one side of the duplex for a year while renting out the other side. Currently, my PITI is $1036 and I make $1910 in gross rent. After expenses and budgeting for repairs, I make about $362 per month. I manage the property myself using Avail, and my dad and I handle basic repairs and maintenance.
What made you interested in investing in this type of deal?
I saw all of the benefits of house hacking and thought it was a great way to start my real estate investing career. I saved money on rent, slowly fixed up the property while I lived in it, learned how to manage the property, and was able to get access to put little money down because of my FHA loan.
How did you find this deal and how did you negotiate it?
I found this deal on the MLS while working with a real estate agent.
How did you finance this deal?
FHA Loan (3.5% down)
How did you add value to the deal?
I added new laundry machines, added a vented microwave, replaced broken fans, replaced an old handrail, and did some other minor repairs and upgrades while living in one side.
What was the outcome?
I am currently renting out both sides of the duplex after purchasing a condo! After expenses and budgeting for repairs, I make about $362 in monthly net cashflow. House hacking allowed me to save up for a second property much quicker. My duplex also appreciated a lot in value in just one year.
Lessons learned? Challenges?
I learned so many things about basic DIY and property management. There were a couple of long days fixing up the property, but it was well worth it.
