Updated over 5 years ago on . Most recent reply
My First Home Hack (Adding Words for Characters)
Investment Info:
Single-family residence other investment in Lexington.
Purchase price: $214,000
Cash invested: $3,500
Took a single family home and converted basement into separate unit. Seller paid all closing costs, repairs, and new roof on building. Currently, basement generating income as an STR. Acquiring roommate this summer. Next year, I will rent the entire home and move out of state. The plan is to house-hack again with a genuine multi-unit property. Photos shown are of the STR in basement.
What made you interested in investing in this type of deal?
Needed a place to live while in residency and did not want to throw all of my money away. Why not build equity?
How did you find this deal and how did you negotiate it?
Found this deal with an agent. Seller paid all closing costs, repairs, and paid for new roof.
How did you finance this deal?
0% down physician's loan
How did you add value to the deal?
Added a doorway at the base of the stairs to divide the home to allow STR in the basement.
What was the outcome?
Currently hosting several guests that nearly cover the mortgage. Was able to save this semester for emergency and investment funds.
Lessons learned? Challenges?
Since buying the home, I've become aware of other financing options that will allow me to purchase a multi-unit home to purchase next. Getting a roommate this summer to help with cashflow.
