House hacking in OHIO

[Twannisha Jackson]

Investment Info:

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

Purchase price: $140,000
Cash invested: $15,000

My first house. It’s a beauty. over 100 years old. very nice community. grocery store, library, sheriff station nearby. It’s getting a lot of traction. Rents for $950.

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

I’m starting my retirement portfolio.

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

The deal found me, by an agent selling the duplex I was renting at the time. I told her my plans & she held my hand along the way. It was occupied by two residents already so I talked to both to get a feel about everything, talked to the owner & decided this was it.. after some slight repairs of course. I inherited residents & some other minor repairs that wasn’t a deal breaker.

How did you finance this deal?

I work for USPS, I work really hard. I saved a bunch of cash, also took cash from my retirement accounts & brought it to the table. I used the FHA 3% down.

How did you add value to the deal?

I fixed some things around the place, raised the rent. I have more plans like landscaping, energy efficiency, safety improvements, etc. All the bells & whistles.

What was the outcome?

I lost a resident after raising the rent. I used the cash to bring the place up to life. I placed a for rent sign in the front which has gotten a lot of attention so i’m excited.

Lessons learned? Challenges?

Greed gets you nowhere & also you have to ask folks.. do you want something NICE or some CHEAP?? challenges? nothing I can’t overcome.

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

https://s1l.com/loanofficer/jennifer-sheil/about-me/