House Hack first time investment.
Investment Info:
Single-family residence other investment.
Purchase price: $254,000
Cash invested: $20,000
So this is my current Family home, Its a house hack/Brrrr. We built right before the lumber prices went up and ended up getting the house appraised for $265,000. We had the house built with a lot of basic's So that I could do a lot of the upgrades much cheaper. My plan is to let the house get seasoned while I have been doing the upgrades, once its ready pull out the equity out and Buy another one. I have been doing the comps and I'm thinking I should be able to pull $75,000 out of this deal.
What made you interested in investing in this type of deal?
I bought this house right before I knew anything about Investing and the market is in the right place to be able to do this deal, plus making my wife move right now would not make her happy and I figured it was a great way to do a house hack
How did you finance this deal?
FHA
How did you add value to the deal?
I'm upgrading the house my self to save money to help build more equity
What was the outcome?
I'm still working on it
Lessons learned? Challenges?
Still learning, Finding the founding for the "rehab". I working on becoming a professional money finder.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I used a Real Estate agent on this deal.
