Updated almost 6 years ago on . Most recent reply
First Multi-Family & House-Hack
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
What made you interested in investing in this type of deal?
After learning about "house-hacking" from the BP podcast, I myself wanted to own and live in a multi-family property while having tenants cover most of my expenses.
How did you finance this deal?
Was able to do a bank loan with 5% down as it was my primary residence.
How did you add value to the deal?
The fiance and I made interior and exterior updates while living in the property. We added a new roof, completed repainted the interior and exterior, added backslash in the kitchens, updated appliances, brought the insulation up to code, updated fixtures throughout, and cleaned up and simplified the landscaping.
What was the outcome?
Still holding the property as it cash flows nicely. Plan to hold for 5-10 years as the neighborhood gentrifies.
Lessons learned? Challenges?
90+ year old homes can equal frequent headaches.