Pandemic househack outside of Boston

[Avery Heilbron]

Investment Info:

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

Purchase price: $678,000
Cash invested: $50,000

Househack near the city of Boston. Lived in one of the units for a year and then moved out. Have done a solid amount of renovations to add more equity on top of market appreciation. I have a super low FHA loan interest rate which may be hard to refinance even with the $500/month of PMI

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

Financial Freedom

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

On market during March 2020. Many people were scared so it left opportunity to purchase something as an FHA buyer

How did you finance this deal?

FHA loan

How did you add value to the deal?

DIY in my own unit, other cosmetic renovations in other units, some electrical upgrades too

What was the outcome?

Lots of equity and solid cash flow

Lessons learned? Challenges?

Inspection usually miss issues ( there was a leaking pipe and I renovated a bathroom because of it)

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

Yes! I love the agent and lender I use in Boston. I myself am an agent down in NC but will always recommend those 2. PM me for details