Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $825,000
Cash invested: $45,000

House Hacking a Duplex in Logan Heights San Diego. two detached units, the front unit is a 4/2 and the rear unit is a 2/1. I am going to live in the rear 2/1 with a roommate, and Airbnb the front 4/2 unit. Based on comps in the area I will cash flow anywhere from $500 - $1,000+ a month. Should be listed and rented out by 10/1/2022. Feel free to asking me how its going and how I found this deal.

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

I wanted to House Hack and live for free here in San Diego.

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

I found this deal through the Real Estate Investing Firm I work for. So I bought it off market and they helped me out. I was even able to finance the renovation costs as well!

How did you finance this deal?

3.5% FHA! I had a great lender and the seller was willing to work with us to get it across the finish line.

How did you add value to the deal?

I was able to finance an additional 75k to go towards renovation, and the ARV will be around 950k when done.

What was the outcome?

TBD, is currently being renovated. My project profit should be around $500 - $1,000 a month in cash flow when listed on Airbnb and rented to a roommate.

Lessons learned? Challenges?

Challenge was buying this wholesale with an FHA loan, but with the right lender and people on my team, we were able to get it closed! The lesson, to be patient and take action!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, my lender who is a multi-family investor himself and was able to be creative and resourceful to solve the challenges we faced. Highly recommend him and text me if you need a excellent and investor savvy lender! 530.801.1644