House Hacking/ looking to add
Investment Info:
Condo other investment.
Purchase price: $289,000
Cash invested: $10,000
House Hacking, currently renting two rooms, building equity while investing less than I did renting every month to own a home.
What made you interested in investing in this type of deal?
Want to choose who I live with, where I live, build equity as well as appreciate a home in the process and build my future.
How did you find this deal and how did you negotiate it?
Found it looking at homes in the area, knew I wanted to be near work and a lot of things nearby to make it enticing to others, I found a realtor willing to reduce their commission and negotiated the price down off of the asking with 3% concessions. Also received a conventional loan with a grant that allowed me to pay off debt as part of my qualifications for the loan.That way I recieved a grant, paid off debt, and found myself paying only 3.5%
How did you add value to the deal?
Found two reliable roommates so that I pay much less for my mortgage.
What was the outcome?
Still living there, hoping to rent my room out after a year.
Lessons learned? Challenges?
Things always break down. Learn how to calculate and separate expenses, have another account for managing income, dont be afraid to shop around for realtors and lenders. Some have different relationships with underwriters and some have more knowledge or experience.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Felix Corrall