First Investment Property
Investment Info:
Single-family residence buy & hold investment in Murfreesboro.
Purchase price: $184,900
Cash invested: $10,000
This property is a 3 Bed/2 Bath single family residence that we acquired for $185K in 2018. We bought the home to be our first home and quickly decided to house hack. We have since stopped house hacking the property in the past year and focused on improving the home. New kitchen floors, cabinets and appliances, enclosed the garage and new roof. With the appreciation over the past 3 years we have been able to ReFi and drop PMI and lower our interest rates making it a great first rental property. Should be able to get $500+ in pure cash flow once we begin to rent it out.
How did you find this deal and how did you negotiate it?
Found and negotiated the deal through a local real estate agent.
How did you finance this deal?
FHA Loan
How did you add value to the deal?
Waived financing contingency in offer
Lessons learned? Challenges?
House hacking is definitely the easiest way to afford your first home while lessening the financial burden and setting yourself up for success in the future.