Single Family House Hack in Austin

[Devin Dang]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $267,500
Cash invested: $50,000

House hacking this single-family home in Northeast Austin! A 4 bed/2 bath that I'm living in one of the rooms 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. In addition, I put in roughly ~23k into renovations and this property is now worth 400k, creating close to 150k in equity through forced and natural appreciation.

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

Ability to live for free and own real estate in one of the fastest appreciating markets in the US

How did you find this deal and how did you negotiate it?

Right off the MLS during a record low inventory levels, sitting close 0.2 months of inventory by the time I closed

How did you finance this deal?

Conventional 3% loan. Due to unprecedented appreciation, appraisal came in low, had to come in with a partial appraisal waiver and come in with an extra 20k to close up the deal but the appreciation alone since has made it worth it!

How did you add value to the deal?

Full cosmetic rehab: interior/exterior paint, paint kitchen and bathroom cabinets, LVP flooring throughout, and updated lighting fixtures

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