Updated over 2 years ago on . Most recent reply
House hack to buy and hold
Investment Info:
Single-family residence other investment.
Purchase price: $335,000
Cash invested: $40,000
Fha house hack property
My note is $2,225
3/2 Sfh I live in with roommate paying $900 and a detached 1/1 inlaw paying $1400/mo
What made you interested in investing in this type of deal?
Cost of living in Tampa
Once I move out projected cash flow is $1,955 a month!!
How did you find this deal and how did you negotiate it?
It was listed at 350k
I negotiated the sellers down to 335k, and 6% in seller concessions (addt’l 20k).
How did you finance this deal?
FHA 3.5% down
How did you add value to the deal?
Inlaw needed a full reno and AC/new roof
What was the outcome?
Achieved my goal to live for free
Lessons learned? Challenges?
Be wary of contractors, pay for material only and labor after completion
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Rob Garcia III was my lender, highly recommend
