First Investment - House Hacking in Idaho
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $245,000
Cash invested: $9,000
House hacking with roommates. Plan to live in for two years, complete renovations, then sell and use profit for multi-family rental investment.
What made you interested in investing in this type of deal?
"Safe" purchase for first home. In a good area, less than 15 years old, spacious, and functional floor plan. According to nearly all projections, the property will significantly increase in value in the next two years (5-10% per year).
How did you find this deal and how did you negotiate it?
MLS
How did you finance this deal?
Conventional loan & first time home buyer program.
How did you add value to the deal?
Planning small exterior remodels and small interior remodels such as new light fixtures and window trim.
Lessons learned? Challenges?
A good realtor for your first purchase makes all the difference.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Judy Trimble - ReMax Elite Properties