Updated almost 4 years ago on . Most recent reply
House Hack in Utah College Town
Investment Info:
Single-family residence buy & hold investment in Logan.
Purchase price: $169,000
Cash invested: $8,000
Sale price: $300,000
Bought a 3 bedroom, 2 bath house to house hack and rent out to college students. Quickly turned the extra living room into a fourth bedroom. Rented the home for over 4 years easily. With the current market in Utah I decided to sell in Fall 2021 with 130k equity.
What made you interested in investing in this type of deal?
I didn't know much about real-estate back then, but I did know that owning was a smarter choice than renting and throwing money away. It seemed simple enough and I feel lucky to have found a home that brought great success for my first deal.
How did you add value to the deal?
Added a fourth bedroom. New Paint throughout. Refinished the original wood floors. New carpet. Landscaping. New roof, New electrical system. Added an AC unit.
What was the outcome?
Not only did I live rent free for 2 years, but I made $100 cashflow per month during that time. After moving out the house made consistent $450 a month for another 2 years. I learned a substantial amount about property management and home repairs. After selling came out with 120k in my pocket.
