4 Unit House Hack
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Hampton.
Purchase price: $705,000
Cash invested: $145,000
Hampton House Hack in 2024. Closed on this property in 2024. The only vacant unit was a complete train wreck! After completing a haul over on that unit, I moved in. Challenge #2: evicting a nonpaying tenant. Following the eviction, I had to do another rehab on that unit before placing a tenant. I have since moved out of the house hack and it is a fully stabilized 4 unit multifamily generating $8,200 a month.
What made you interested in investing in this type of deal?
I chose this deal due to the proximity to Hampton Beach. As a 25 year old at the time of closing, I was looking to capitalize on a low money down payment loan to get into a property vs. paying rent to someone else. The house hacking option was a no brainer to offset my mortgage and reduce my living expenses.
How did you find this deal and how did you negotiate it?
This deal was found on the MLS. I used an escalation clause to increase my offer by $5,000 to beat out any other competing offers. I waived my home inspection as well.
How did you finance this deal?
Conventional Financing.
How did you add value to the deal?
I fully renovated 2/4 of the units. I made exterior improvements including painting exterior wood, replacing the wood facade on the front of the house with vinyl, repairing, pointing, patching, and waterproofing the foundation, structural repairs, and other exterior cosmetics.
What was the outcome?
Fully stabilized multifamily generating $8,200 month.
