House Hack for the moment.

1 Reply

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Radcliff.

Purchase price: $103,000
Cash invested: $16,600
Sale price: $103

I bought one have the duplex off the mls for 50k and financed a owner occupant loan with 10% down. Once i closed I tracked the owner of other other duplex down. It was sitting empty and in need of major repairs. I finally contacted him through a mutual friend. Long story short we made the deal work for 53K. I actually didn't want to pay this much...but, the seller had more property to unload, and me being a realtor I asked if i could list those other properties and I could pay 53k for the property. Seller still had to bring about 6k to the closing.
I put 20% down on this deal on a 10 year term. To think this unit will be paid off in 10 years is just amazing.
Makes me not want to refinance and combine the deeds as one. Note Payment on this unit is $477.00 a month.

The note payment for both these units is about $900 a month. I currently have one side rented for $820.00 per mo.
Its totally remodeled. I did a majority of the work myself.
Before i took over this unit was being rented for about $500 a month. I saw it had tremendous potential because it was a very unique lot on a dead end street that backs up to about 12 acres of woods. Tons of privacy and very hard to find a rental like this directly in the middle of the city, close to everything.

Acquisition 4-1-2019

The other unit I currently live in.

When I move on to the next deal and have the whole building rented it will cash flow approx $1700 a month.

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