First deal: house hack
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Little Rock.
Purchase price: $88,000
Cash invested: $7,000
My wife and I purchased our first duplex. We are currently house hacking it and leaving for free.
What made you interested in investing in this type of deal?
Cut our living expenses in half and live for free. Also working towards our goal in becoming financially free.
How did you find this deal and how did you negotiate it?
We found the deal on Zillow. We worked with our realtor to get the renovation money added into the deal.
How did you finance this deal?
We did an FHA loan and put down 3%.
How did you add value to the deal?
We are currently painting the outside of the house navy blue. We added new flooring, laundry room, new cabinets, and general landscaping.
What was the outcome?
We are still in the process of renovating.
Lessons learned? Challenges?
Hire out Jon’s instead of doing it your self. We had the original hard wood floors with some damage, but we messed up the floors listening to other people and now we have to replace them.