I house hacked my first home.

[Alex Garrido]

Investment Info:

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

Purchase price: $168,000
Cash invested: $70,000
Sale price: $410,000

I purchased a single-family home and converted it into a two-family residence. I completely gutted and renovated this home, which is over 100 years old, including installing all-new electrical and heating systems. I also added a two-bedroom addition specifically designed as a rental unit. After completing the addition, I rented out the new apartment while gradually renovating the unit I was living in.

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

It was a way to help me own and pay for my first home.

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

Honestly I was in my 20's so I little help from my father to negotiate the deal was how this happened.

How did you finance this deal?

The realtor financed the first phase of the renovation, allowing me to complete enough work to obtain the Certificate of Occupancy (C/O), which enabled me to close on the property.

How did you add value to the deal?

Added a rental unit, new roof, siding, and veranda.

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

The 2nd phase, was the second floor unit and the exterior of house. Which was financed through a hard money lender.