First House Hack

[Tyler LaVoie]

Investment Info:

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

Purchase price: $210,000
Cash invested: $21,000

Bought this property as a house hack. Three units all 2-bed 1-bath, living and fixing up one unit at a time. Moved out in 2023

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

Goal was to minimize my month expenses and have the opportunity to add some sweat equity.

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

Was just sitting on the market for about a year. My agent negotiated for me (before I became an agent)

How did you finance this deal?

FHA financing

How did you add value to the deal?

Lived in the worst unit and fixed it up while I worked there.

What was the outcome?

While I was living there the I was paying $35 / month after taking into account rents. Fixed up my unit and the unit next to me, brought rents up to market value and started cash flowing while I lived there.

Lessons learned? Challenges?

Lessons learned, you don't have to fixed up everything all at once. Get the main things done, paint/flooring and fix items up over time.

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

Yes worked with a great agent at Story Real Estate then I got licensed shortly after that.