Updated 4 days ago on .
House hacking condo to FTR
Investment Info:
Condo buy & hold investment.
I purchased the condo and immediately rented a room out. I have been renting it since 2006. The value of the condo went down since I bought at the peak of the market at that time and now it is has positive equity since Pandemic time frame. This is a 3 bedroom 2.5 bath unit. House hacking is how I started, then I eventually moved out for a job and rented it out by rooms. Now I'm renting it out to a family of 3.
What made you interested in investing in this type of deal?
It has a first floor owners suite, which makes it easy to split the first rooms and space up if needed.
How did you add value to the deal?
I bought it new, but over time I have added new carpet, new vinyl floors, new dishwasher, and new microwave.
What was the outcome?
After refinancing a couple of times, my rental income has doubled. I have a good amount of equity that I could leverage into a next deal.
Lessons learned? Challenges?
Learning how to be a landlord has been a challenge in the beginning.
Having the right people ready to call was a challenge at first, but I have grown my network to have a few folks to call if needed.