Updated over 5 years ago on . Most recent reply
New Construction Duplex as House Hack
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Houston.
Purchase price: $275,000
Cash invested: $8,000
This is my very first property that I am House Hacking. It is a new construction duplex, where each side has 3 bedrooms / 2 baths and market rent is around $2700 gross. Currently planning to do rent by the room to increase this gross income to around $3000/mo.
What made you interested in investing in this type of deal?
This area has seen many investors come in and buy properties in all cash as well as tons of flips going on.
How did you find this deal and how did you negotiate it?
Found it on the MLS and had my agent make an offer about 5 hours after it was posted. Never even got to see it until I had it under contract (plus it was still under construction.
How did you finance this deal?
My lender is able to do a 100% LTV conventional loan with no PMI.
How did you add value to the deal?
Since it was new construction, pretty much paid market price, but added value by renting by the room.
Most Popular Reply
Congratulations @Donovan Adesoro! This investment should have a wonderfully low capEx requirement over the years to come and will provide some nice stability to whatever kind of portfolio you grow!