New Multi Family House Hack! - Buck County/Philadelphia

[Alan Asriants]

Investment Info:

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

Purchase price: $410,000
Cash invested: $110,000

This is my 4th House hack.
This property was originally listed for $320,000. As an agent knowing the values of properties I knew that this was severely undervalued. Initially I wanted to offer 365k but quickly found out that there were 49 offers topping 400k. I submitted my offer as a cash, clean offer and secured it at 410k.

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

I was looking to move out of my current place closer to NE Phila/bucks county and wanted to invest in a Multi family

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

I was the agent and found it on the MLS

How did you finance this deal?

15% Down Primary Conventional

How did you add value to the deal?

Freshened up the first floor and increased rent
Upstairs we did a full remodel:
- Bathroom
- Kitchen
- Flooring
- Baseboards
- Updated Electrical
- Blew out ceilings and moved duct work into the attic
- New closet doors
- Freshened up the deck
- Removed a tree
- and much more
- Exterior refresh

This renovation cost us close to 40k including the first floor

What was the outcome?

Currently living in it as my House Hack. Saving money on a mortgage payment by renting out the first floor

Lessons learned? Challenges?

When we opened up the bathroom, we found a huge bird's nest filling up the laundry vent.

Noted that I will always clean out laundry vents and areas near there as it is an easy access to pest/rodents

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

I represented myself as an agent
Worked with Dima Shamis for Mortgage
Alpert Abstract LLC for title