House hack allowing me to invest elsewhere.
Investment Info:
Small multi-family (2-4 units) other investment.
Purchase price: $390,000
Cash invested: $95,000
Using the house hack strategy and renting out the other half of the duplex.
What made you interested in investing in this type of deal?
I wanted to have a house to live in rather than being cramped in an apartment building. Knew about house hacking and went for it.
How did you find this deal and how did you negotiate it?
I found the property through my real estate agent. It was marketed as a single family home, but since it is zoned as a duplex, I have been able to rent out the other half of it. Negotiated the price down from 410k to 390k and now I pay only a very small portion of my monthly mortgage.
How did you finance this deal?
I financed this deal through savings and a life insurance payout.
How did you add value to the deal?
I have been making minor repairs, but nothing big just yet.
Lessons learned? Challenges?
I've learned that I plan on investing in single family residences, but don't plan on managing grr hem myself.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with Devin Theile. He was fantastic at negotiating and had many connections to help get us on the right track.