Updated over 7 years ago on . Most recent reply
Minneapolis Househack Rental
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $22,700
I occupy the home and rent rooms.
What made you interested in investing in this type of deal?
I believe the market will continue to go up in Minneapolis for single-family homes and this specific area will go up.
How did you find this deal and how did you negotiate it?
MLS. I listed all the repairs needed and discussed comps.
How did you finance this deal?
Traditional financing through an independent mortgage company.
How did you add value to the deal?
I've added a 4th bedroom, have done a lot of electrical, plumbing, painting, new carpets and flooring, and more.
What was the outcome?
Able to charge more for rent.
Lessons learned? Challenges?
This is the first time in three years where I've implemented a thorough background check since I had a problem roommate.