House Hacked Duplex in the Quad Cities
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Moline.
Purchase price: $89,000
Cash invested: $2,450
House hacked duplex
What made you interested in investing in this type of deal?
Found a good deal with a long term Tennant (14 years) and low financing with FHA and seller credit available.
How did you find this deal and how did you negotiate it?
Zillow, used and agent
How did you finance this deal?
FHA, Seller Credit for closing costs, using my own funds for down payment
How did you add value to the deal?
Added rental income by renting out spare parking space for a camper/RV in my rear parking area to add $50 monthly to revenue. Also increased rent on tenant who was on section that didn't increase her costs, but got more money out of the program.
What was the outcome?
Closed in 35 days
Lessons learned? Challenges?
1)Have your paper work in order (ie: Paystubs, Tax returns, Explanations, Verifications)
2)Respond quick to requests for information
3) Act quickly and make an offer when a deal comes along
4) See added potential that is going unused.
5)Be financially prepared for heavy section 8 paperwork and hiccups
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Billy Peiffer, Realty One - Agent
Heather Eggers, Fairway Mortgage - Broker