My first investment property as a house hack
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Jonesboro.
Purchase price: $96,000
Cash invested: $4,100
I bought the house with two tenants in it and I have to honor the lease so I can't move in until one of their leases expire. Its currently October 2019, one tenant signed a one year lease so I at least have her there paying my mortgage note for my first year. She's been there for one year already and seems to always pay on time so I hope it stays that way. The other tenant, their lease expires in April, and that's when I plan to move into the property, but until then Im just collecting rent.
What made you interested in investing in this type of deal?
I get to live for free. Whats better than that. I live for free while some else builds my net worth.
How did you find this deal and how did you negotiate it?
I actually found this deal on the MLS. I negotiated it with the repairs it needed. I made the repairs my self with the help of a contractor who was really helpful giving me pointers on everything.
How did you finance this deal?
FHA loan
How did you add value to the deal?
I repaired the entire roof, all the windows, and plumbing.
What was the outcome?
I am cash flowing and this property is in an amazing location.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, I worked with a real estate agent named Brent Meeks, who was actually on the 7 figure flipping podcast. He's my mentor and also my agent at the same time. He's a great mentor who i would recommend to any one as an agent in this Jonesboro, Arkansas area. He has 40 rental properties and flips a lot of houses and owns 7 companies.