1st Investment, BRRRR, and househack
Hello BP community, today is the day the REI journey officially begins. After months of searching and analyzing dozens of deals, I finally got a deal. I closed on a 2 family property in Maplewood, NJ. One unit was delivered vacant as per negotiations with the seller and the other still has the tenant in place. The plan is to househack the property for a year and then move on to the next one. Ideally, I plan to refi out of the deal to get rid of the PMI and capture some forced appreciation.
I found the deal on the MLS. My realtor sent it to me and we went from there, nothing special or fancy in how I found it. It's financed through an FHA loan. The plan going in was to put 3.5% down, but during negotiating it was increased to 5%. It's a 30 year fixed loan.
I will try and upload before and after photos as much as I can as well as overall info on this deal.
So strap in, grab some popcorn and come with me for the ride. Feel free to laugh, cry, or cheer as I wade through the waters of being a landlord and investor.
Stay tuned.