Real Estate Agent · Oakland, CA · Member since 2018 · 21 posts · 5 votes
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Oakland.
Purchase price: $725,000 Cash invested: $95,000
I purchased a small multi-family home in Oakland to house-hack. This was a great opportunity to complete a RE transaction with low risk. I have pretty much eliminated my housing expenses as a result.
Rental Property Investor · San Francisco, CA · Member since 2013 · 1k+ posts · 1k+ votes
5y
@Joe Black congrats on getting your first property. Tell us more- did you keep existing tenants, do any renovations, etc? Usually you need to work some type of creative magic to get a successful house hack in Oakland/Bay Area :)
Real Estate Agent · Oakland, CA · Member since 2018 · 21 posts · 5 votes
5y
@Amit M. Sure thing. Its a 3 unit property that consists of main house (2/1), lower unit 1/1, and cottage (0/1). Yes we kept existing tenants in cottage, two units were vacant (thank goodness). Luckily for the main unit we just needed to open up a wall and refresh the kitchen with pain cabinets. We spent the bulk of the reno budget on updating the bottom unit where we stay.
We were also lucky to finish up reno and lease out the main unit at market price right before full covid lockdown.
We did run into some unforseen costs including replacing a roof (ouch) but we survived.
Also, we refinanced after 6 months which reduced our interest rate by 1.1%, never thought we'd do it so soon but it we couldn't pass it up!
All in all this was a great learning experience for our first investment.