Updated over 3 years ago on . Most recent reply
House hacking first property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $279,000
Cash invested: $6,000
House hacking. Currently coming out $267 out of pocket. But once I move to the basement and rent out both units it will cashflow about $625 after PITI including other expenses.
What made you interested in investing in this type of deal?
House hack. Used VA loan
How did you find this deal and how did you negotiate it?
Used a real estate agent and was able to pick it up the day it came on the market. Because I was using VA loan I offered to purchase it as is. The seller picked me over other cash buyers.
How did you finance this deal?
VA loan
How did you add value to the deal?
Planning on fully remodeling the basement. Duplexing it to the 1st unit and renting it out by the room. Also buying the lot next door and making it a parking lot.
What was the outcome?
In process. Currently house hacking
Lessons learned? Challenges?
Pay attention to concrete being poured into the drains. Pay attention if the basement has been flooded. Learn basic knowledge on requirements to rent out basements in Chicago.