Single Family House Hack in Austin!

[Devin Dang]

Hey BP fam, wanted to share my first SFH House Hack in Northeast Austin. Making it a goal this year to meet as many awesome local current/aspiring house hackers, investors, and agents in the area so lets connect! 

Purchase price: $267,500, closed 2/22/21
Cash invested: $50,000 (30k down payment, 20k cosmetic rehab)
Current estimated market value: 400k-420k

A 3 bed/2 bath + office that I'm living in the front office and renting out to other three to completely cover PITI + extra $478/cashflow monthly. When I move out to my 2nd house hack, this will easily cash flow $1000+/month. Was a crazy time but bought right off the MLS during a record low inventory levels, sitting close 0.2 months of inventory by the time I closed. Unfortunately had to come in extra 20k down payment due to unprecedented appreciation causing low appraisal. But the appreciation alone since has made it worth it!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent team: The Jordan Moorhead Team in Austin Texas
Lender: @Tyler Hodgson with NXT Mortgage

[Jeff Schemmel]

that's a beautiful home, and what an awesome house hack.  How did you find tenants to share the common space?  getting along with 3 others a hassle at all?  Beyond the paint I can see in the photos, what other rehabs did you do? 

Very cool to see such a good deal for a first house hack, nice work.

[Matt Stricklen]

Sounds like you knocked it out of the park on the " buy right" piece. Congratulations! Kudos to @jordanmoorhead as well. 

[Conner Olsen]

@Devin Dang Crushing it!

[Devin Dang]

@Jeff Schemmel Thanks Jeff! Definitely happy to have locked this one down.

Facebook groups has been my main and only place to source tenants/social media within my friend groups. 

I had lots of demand (50+ responses) so I was able to take my time and find awesome tenants with similar interests and no conflicts. We all hang out and have a great relationship.

Full cosmetic: LVP flooring throughout, interior/exterior paint, kitchen/bathroom cabinet paint, lighting fixtures, and a few smaller projects.

[Devin Dang]

@Matt Stricklen I can't take all the credit with the crazy natural Austin appreciation at the time but hey, not complaining at all. Thanks Matt!

[Taylor Dasch]

Thats incredible to find a deal like that under 300k in Austin, You have a great attitude and back it up with a great mix of intelligence and risk evaluation.  A lot of people would have seen that appraisal at 20k below sales price and backed out of the deal, but since you know the market and had a great realtor you pushed it through! That is awesome man, keep us updated on your journey!

[Jordan Moorhead]

@Devin Dang you took advantage of that situation! Lots of people would have run at the low appraisal but your diligence paid off!

[Devin Dang]

@Taylor Dasch Thanks Taylor for the kind words!

[Devin Dang]

@Jordan Moorhead Thanks Jordan! Definitely a scary situation but happy with the turn out, appreciate your help and expertise on this one.