House hack single-family residence buy and hold investment in Cincinnati, OH

[Tommy Nguyen]

Investment Info:

Single-family residence buy & hold investment in Richmond Hill.

Purchase price: $155,000

Single-family residence buy and hold investment turned into house hacking in Cincinnati, OH.

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

Be able to live rent free, while having the mortgage paid off with OPM.

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

Drove home from another deal, and passed by the house.

How did you finance this deal?

0 down with conventional mortgage loan with PNC, seller dropped the price because at the time, he had 2-mortgages to pay.

How did you add value to the deal?

Able to get the seller to pay for various repairs

What was the outcome?

Able to get the seller to agreed to knock down another $10g, in addition to the repairs and inspection fees.

Lessons learned? Challenges?

Do not assume, always ask; even during hot RE market.

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

Yes, I did work with a real estate lender, but unfortunately he is no longer with PNC. PNC offered $2g for closing cost.