Updated almost 5 years ago on . Most recent reply
2nd Househack to live in with 3 roommates.
Investment Info:
Single-family residence other investment in Las Vegas.
Purchase price: $380,000
Cash invested: $22,000
2nd House Hack to live in. 3 tenant occupancy with 1 dog and 2 cats.
What made you interested in investing in this type of deal?
A good deal with the family. MLS stated it to be $430,000. Appraised for $380,000.
How did you find this deal and how did you negotiate it?
Family Connections. Bought this house for myself and to assist in my parents retirement home.
How did you finance this deal?
Traditional Financing with 5% Down. Closing and repairs covered by Seller.
How did you add value to the deal?
Small repairs done. Patched paint, deep carpet cleaning, repaired water damage.
What was the outcome?
Currently house hacking. Will refinance in 1-2 years to reduce payment and remove PMI. Will stay for 10 years possibly.
Lessons learned? Challenges?
Find the right tenants to house hack with you during COVID. Neighbors can affect Appraisal. Front neighborhood had a divorce and affect my home appraisal. Good for me, bad for seller. One tenant was delinquent on rent.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Find the right lender, contractor, and drama free roommates.
Most Popular Reply
Hi Vincent, I am in a very similar situation to you- In LV, looking at doing my first house hack with very similar figures, and by the looks of it, same area. My question for you is, how easy was it to find quality roommates in the Vegas, especially during COVID? Thanks!