Updated about 1 month ago on . Most recent reply
House Hack First Home with Basement Apartment
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $216,000
Cash invested: $15,000
First property! Single family home house hack I bought straight out of college that started the whole journey. 3 beds 1 bathroom upstairs, 1 bedroom 1 bathroom in the basement, with 2 bonus rooms and an exterior door. With these ingredients, I converted the basement to a 1 bed/ 1 bath basement apartment, with kitchen, dining area and living room. Allowed me to live for free till today. Pound for pound my best investment.
What made you interested in investing in this type of deal?
The opportunity to get into the real estate game with a bang via house hacking.
How did you find this deal and how did you negotiate it?
I foudn this deal with my realtor, with my specific criteria of being undevalued, having a finished basement, full bathroom, exterior exit, and space to create a kitchen.
How did you finance this deal?
Conventional 97 (3% down) primary residence loan.
How did you add value to the deal?
Added a kitchen to basement, furnished it, and operated as a short term rental (since I was conveniently between the airport and downtown ATL).
What was the outcome?
Have been living rent-free for years!
Lessons learned? Challenges?
Add more cosmetic value to properties to increase rental and perceived value (learned much later though, but this home was the first signal).