Purchased My First Duplex To Homehack
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $307,000
Cash invested: $19,800
Home hacking a duplex! First investment property
What made you interested in investing in this type of deal?
Being able to produce cash flow after moving out along with not paying rent for some property that I had no ownership in.
How did you find this deal and how did you negotiate it?
I was really lucky and found a lender who was willing to help mentor me and show me the way he analyzes deals. He owns 20 units and was very helpful. It also helped that I found Bigger Pockets.
How did you finance this deal?
FHA Owner Occupied Loan
How did you add value to the deal?
The home was recently renovated but still could use some work. I will be removing carpet and adding vinyl floors along with new paint on the older trim.
Lessons learned? Challenges?
Finding good team members is super important. Always be clear and concise with your goals and communication.