From live in flip to house hack
Investment Info:
Single-family residence buy & hold investment in West Jordan.
Purchase price: $410,000
Cash invested: $82,000
We occupy the 3 bed, 3 baths upstairs while our tenants occupy the basement studio and pay 885/mos. We came from a live in flip and altogether with the benefit of the new income our portion of the mortgage and utilities is less than our flip while we lived there.
What made you interested in investing in this type of deal?
The comfort it would provide my family while reducing our housing expenses.
How did you find this deal and how did you negotiate it?
MLS, we used details like the busy street to lower the sale price 5k.
How did you finance this deal?
Conventional loan, proceeds from sale of flip were used for the downpayment.
How did you add value to the deal?
This was move in ready, we enclosed the back yard but other than that no work has been needed.
Lessons learned? Challenges?
I am most grateful that we sold the flip and got back our equity before the current economic environment. I don't know yet if the current situation will spin over to real estate, but we lucked out to realize our first investment.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Doug Winder was excellent and creative on helping us meet our move in deadlines and negotiating our reduced purchase price.