Updated over 3 years ago on . Most recent reply
Second Investment Property / House Hacking
Investment Info:
Townhouse buy & hold investment.
Purchase price: $345,000
Cash invested: $17,250
My second investment property was obtained with the same strategy of house hacking like my first investment, but I will be doing a live in flip to gain sweat equity.
What made you interested in investing in this type of deal?
Proven success with my first investment made me very confident to make the second investment work.
How did you find this deal and how did you negotiate it?
On market. We were able to negotiate the asking price down $5,000 and get $2,500 in concessions.
How did you finance this deal?
Traditional Financing. 5% down.
How did you add value to the deal?
The appraisal came in $5k higher than the offer price, so I was able to create value during the purchase. I have redone the floors, repainted, and added a door to the basement to create an additional bedroom. There will be some more small projects as I am living here before I look to refinance.
Lessons learned? Challenges?
I have been much more patient the second time around, as I am going with a BRRRR + House Hacking strategy. Rates are much higher than when I purchased in June, so my exit strategy will take some creative planning at the end of this year.