Updated over 4 years ago on . Most recent reply
House Hacking - Spokane, WA
Investment Info:
Single-family residence buy & hold investment in Spokane.
Purchase price: $340,000
Cash invested: $34,000
Currently working on a getting my first house hack. It'll be a 7 bedroom, 4 bath house. It's currently a 6 bed, 3 bath but the owner agreed to add an extra ADU unit for no extra cost to me.
It'll be better than the 1% rule with me living in the home!
What made you interested in investing in this type of deal?
I'd be able to live completely for free plus profit every month. It will nearly cover all my fixed monthly expenses after 1 deal.
How did you find this deal and how did you negotiate it?
Found it from another agent in my office. The house was taken off the market after it didn't sell and now the seller is willing to let it go after doing some additional upgrades for the original purchase price.
How did you finance this deal?
Working with my dad. I will bring the cash and he will take on the loan until I can become financeable. I've been a Realtor for less than a year.
How did you add value to the deal?
The house is turn key so I'll either rent it out to students and be able to hit the 1% rule or I'm considering an adult family home and will be able to generate a lot more profit at that point.
What was the outcome?
We'll find out! Letting the seller finish up the last project and will be getting everything lined up this week.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
me!
Most Popular Reply
Nicely done and pretty creative.