Our first House hack property after stumbling upon BP

5 Replies

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $335,000
Cash invested: $30,750 (acquisition + rehab)

Recently married, recently learning from BP and househacking our first property!

What made you interested in investing in this type of deal?

The option to have renters pay for most of our housing expenses.

How did you find this deal and how did you negotiate it?

Agent, MLS. Negotiated down the price from $345000 due to inspections

How did you finance this deal?

Conventional 5% down OO loan

How did you add value to the deal?

We spent 15k and transformed the basement into a separate mother-in-law apartment, and have renters living there. It’s actually much nicer than our upstairs and we debated living down there instead 😂

What was the outcome?

Of our $1659 PITI, our renters pay $1300/mo greatly reducing our monthly expense.

Lessons learned? Challenges?

I will probably hire out more work to a contractor next time. “I have 15k and I need this list done within that budget”. That would save a lot of exhaustion and heartache. (Yes, I’d have to expect about 10% higher cost)
BUT I did learn a ton of things from doing it all ourselves as a couple. Plumbing, drywall, flooring, (we actually hired an electrician), finding high quality discounted appliances, a plug for countertops etc. I don’t regret it, but I’ll appreciate it getting done for us later!

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