First Investment Property

Real Estate Deal Analysis & Advice
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First Investment Property

Kyle Flamm
Real Estate Agent · Murfreesboro, TN · Member since 2020 · 5 posts · 4 votes

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.

2Reply
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Anthony Angotti
Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes
5y
Originally posted by @Kyle Flamm:

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.

 Congrats! House hacking is the absolute best way to start and the cheat code to personal finance. 

1Reply
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  • Benjamin Seibert
    Investor · Frederick, MD · Member since 2016 · 352 posts · 194 votes
    5y

    @Kyle Flamm congrats on the deal! Murfreesboro is a growing suburb. Hope the renovations are going well

    0Reply
  • Rhett KeltonPro Member
    Rental Property Investor · Murfreesboro, TN · Member since 2018 · 85 posts · 45 votes
    5y

    Nice job!  Seems like you got a great deal and loved how you pivoted in your plans.

    0Reply
  • Anthony Angotti
    Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes
    5y
    Originally posted by @Kyle Flamm:

    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.

     Congrats! House hacking is the absolute best way to start and the cheat code to personal finance. 

    1Reply
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