My First House-Hack is Underway in NH
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Manchester.
Purchase price: $335,000
Cash invested: $25,000
This house is a 3-unit multifamily in one of the better neighborhoods in Manchester, NH. Two of the units had long term tenants which have remained in the house while I am living in and renovating the 3rd apartment.
What made you interested in investing in this type of deal?
I was looking for a way to get my first property with a small amount out of pocket.
How did you find this deal and how did you negotiate it?
I found this deal through my realtor before it hit the MLS. We negotiated and had an accepted offer the morning that the property hit the MLS.
How did you finance this deal?
5% down conventional loan
How did you add value to the deal?
I am rehabbing one of the units that was very dated. I am also raising rents to current market value. Total rent for 3 units prior to sale: $2,650. Anticipated total rent for 3 units when I move out: $3,350.
What was the outcome?
To be continued...