My first House Hack in Aurora, IL
Investment Info:
Single-family residence buy & hold investment in Aurora.
Purchase price: $139,000
Cash invested: $1,390
Purchased this home in 07/2004 and lived there while renting out rooms to other 20-something single individuals. Cashflowed well for a few years, but, the City did not like the idea of renting rooms. So, starting in 2010, I rented out the home to a family and continue to do so to this day.
What made you interested in investing in this type of deal?
Leveraging my own expenses while earning profit.
How did you find this deal and how did you negotiate it?
Local nonprofit. Negotiated it on my own without an agent.
How did you finance this deal?
1% downpayment with Countrywide Loans.
How did you add value to the deal?
Partial refinish to basement and added a shower to a 1/2 bath.
Lessons learned? Challenges?
Renting to roommates can be challenging when utilities are included. Also, sleep and work schedules may vary.
