House Hacking in Phoenix
Investment Info:
Single-family residence buy & hold investment in Phoenix.
Purchase price: $272,000
I am house hacking a 4bd/2ba SFH in Phoenix. I had 2 female roommates Feb-May and I was living for free. I added a 3rd roommate in June, and I have been living for free and cash flowing approximately $600/mo since June.
What made you interested in investing in this type of deal?
Craig Curelop’s house hacking story.
How did you find this deal and how did you negotiate it?
I worked with a realtor and I found the house on the MLS.
How did you finance this deal?
3% down conventional loan from AZ credit union. I locked in a 2.5% rate in Nov 2020
How did you add value to the deal?
I took the smallest room and rented out the rest.
What was the outcome?
Feb-May and I was living for free. I added a 3rd roommate in June, and I have been living for free and cash flowing approximately $600/mo since June.
Lessons learned? Challenges?
It’s important to do your research, but at a certain point you have to pony up and just buy the property. Challenges: I was doing it basically on my own with no family to guide me, my realtor was not as engaged as I would have liked. I had serious doubts of the area the first few months and considered selling multiple times. Finding roommates took a decent amount of time and effort to interview and screen.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Ben Brown - AZ Credit Union.