Small multi-family (2-4 units) buy & hold investment in Fayetteville.
Purchase price: $215,000
Cash invested: $1,450
House Hacking a triplex while using the VA Loan to secure the property at 0% down. Negotiated for $3000 in closing and $8500 in repairs with both additional units occupied on closing.
What made you interested in investing in this type of deal?
Living mortgage free while acquiring an asset is the way to go. I will continue to use this strategy as long as the VA is around.
How did you find this deal and how did you negotiate it?
An off-market deal was brought to me by my amazing teammate. I was able to negotiate with no other competition.
How did you finance this deal?
I used the VA loan and negotiated for majority of the closing costs.
How did you add value to the deal?
I am house hacking. I also purchased it $10,000 below the appraised value. I will do interior renovations as the property appreciates over time.
What was the outcome?
A great deal! Rinse and Repeat
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Five Pillars Realty Group located in Fayetteville, NC has every piece of the puzzle for turnkey investing. Property management, attorneys, contractors, lenders, and the most amazing agents. I put my money where my mouth is (shameless plug)
Congrats @Michael Glaspie ! So how many units is it...2, 3, or 4? What area of Fayetteville. Since you're living in it, are you doing the prop managment or someone else in your company?
Congrats @Michael Glaspie . Best of luck for whatever comes next!
@Kirsten Ostby Thank you. It is a 3 unit and I am using the property manager of my other properties to help me rent the additional units. I thought of doing it myself but honestly, the money is well spent in time saved for me at this point of me growing my portfolio.
That's great. I've wondered what the experience would be like managing a multi unit that you also live in. Could pose some very awkward moments with your neighbors/tenants. I house hacked in my early 20s with two roommates and it was awkward when one of them would repeatedly forget to pay rent.
Are you going to keep it private with your tenants that you own the building then? Do you have an exit strategy yet? Move out after a year or two?
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