Updated 8 months ago on . Most recent reply
My first house hack
Investment Info:
Single-family residence other investment.
Purchase price: $324,000
Cash invested: $50,000
It Started as my primary resonance and after doing all the renovations decided to move into the garage and convert it into an apartment and rent the main portion of the house.
What made you interested in investing in this type of deal?
It had a large potential for value add and wasted square footage.
How did you find this deal and how did you negotiate it?
It was a family member's home.
Which had a second mortgage.
And nobody in the family
Was interested in it And I was looking for my first home
How did you finance this deal?
Traditional mortgage
How did you add value to the deal?
roof,windows siding and all the cosmetics kitchen and bathrooms, updated mechanicals and central air
What was the outcome?
Almost doubled in value.
Looking to tap into the equity in the next year for my first new construction.
Lessons learned? Challenges?
When doing any repair, make sure to keep a buffer of 20% just in case. Always have a plan a,b,c and d lol
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I didn't use a realtor I used rocket mortgage for the loan. Also a real estate attorney to handle the closing and a estate state attorney for the probate end of it.