House hacked duplex until the next jump

[Evan Dobrowski]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $210,000
Cash invested: $12,000

Purchased as a house hack duplex with minor updates needed due to career move. Great rental income to supplement the mortgage but not currently cashflowing. We live in one side of the duplex. Monthly costs are $1800, income is $800, cashflow is -$1000. But living expenses are cheap and when we have found another place this should cashflow about $300 a month. Unit A (WE LIVE IN) 3bd, 1bth. Unit B (RENTED) 1bd, 1bth.

What made you interested in investing in this type of deal?

Career move required finding a new place and I avoid paying rent live I avoid the plague.
This was a duplex that needed some rehab.

How did you find this deal and how did you negotiate it?

MLS using a Realtor

How did you finance this deal?

FHA conventional mortgage

How did you add value to the deal?

We have been slowly remodeling with new bath vanity, new flooring, etc.

What was the outcome?

Currently living in Unit A and renting Unit B.

Lessons learned? Challenges?

When walls are connected make sure the insulation/sound deadening is great, or pick a different bedroom to sleep in. We opened up the wall and fixed that problem.