Updated over 3 years ago on . Most recent reply
My First Deal/House Hack
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $280,000
Cash invested: $19,000
This investment was found off market by reaching out to the seller directly. Although it was my first deal I was able to go through the process without a real estate agent. The property was purchased at 280k with an FHA loan. The final out of pocket cost was 19k, also the appraisal came back at 315k. I am very proud of this deal, specially because of the date purchased seemed to be the peak of my market which is the DFW area in Dallas, Texas. The property had inherited tenants, I discontinued the lease on one of the two sides and moved in. Since then, I have raised the rents 30% on the rented out unit and I am living for free. My plan is to move out after the 12 month seasoning period and start receiving some real cash flow after renovating the current unit I am living in.