Updated over 5 years ago on . Most recent reply
First house and house hack
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $87,000
Cash invested: $5,000
Sale price: $125,000
House hacked this townhouse with unfinished basement and no deck. Finished both and rented out 2 bedrooms while occupying basement apartment.
After moving to NC, kept as a rental until sale to property manager.
What made you interested in investing in this type of deal?
Single with a decent job in DC. First house! Renting out bedrooms definitely helped with mortgage.
How did you finance this deal?
FHA
How did you add value to the deal?
Finished out basement to make separate apartment. Added deck
What was the outcome?
Eventually sold it to a friend who was the property manager. (Moved to NC and I didn't want to do the long distance land lord at the time)
Lessons learned? Challenges?
Should have held on to it. It's worth 3x now!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Realtor, Mortgage broker.