Updated about 2 months ago on . Most recent reply
House-hacking, to now 2 units bringing in $4,300/month!
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $288,000
Cash invested: $50,000
2 Units with a pool on the west end of the beach. Rent both for $4,300 a month (Utilities included)! A cash cow for sure!
What made you interested in investing in this type of deal?
I wanted my first home to be a smart investment, so I started off house hacking. Having half my mortgage paid was the best decision I ever made!
How did you find this deal and how did you negotiate it?
Went under contract for $300k and was able to negotiate to $288k after inspections!!
How did you finance this deal?
Hard Money lender
How did you add value to the deal?
Mostly Cosmetic repairs and renovating the backyard.
What was the outcome?
What started as a house hack has turned into a reliable, cash-flowing investment that more than covers its costs!
Lessons learned? Challenges?
The house is older, so there are a few things I wish I’d paid closer attention to. I’ve learned the importance of setting aside repair funds for any unexpected expenses. Overall, it’s been a solid investment that cash flows well.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
MYSELF! :)
Most Popular Reply
Can you elaborate on this..? 288k is a big discount down on a seller that had multiple offers. When was the purhcase ?
Even at list (350K) producing 4k/month is very good and tough to find on mls. Especially somewhere near a beach.