Updated over 4 years ago on .
Long term house hack struck gold!
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Palmyra.
Purchase price: $138,000
Cash invested: $18,000
Sale price: $206,000
3 unit multi family. Was a house hack from 2017-2019 where we lived rent free. From 2019 until sale date we cashflowed $200 per door. Net profit on sale of house was over 60k
What made you interested in investing in this type of deal?
At the time i didn't want to pay someone else rent
How did you find this deal and how did you negotiate it?
MLS. Was on the market for over 300 days so we gave them a low ball offer
How did you finance this deal?
Fha 3% down
How did you add value to the deal?
Complete remodel of unit 3 and gradually increasing rents
What was the outcome?
Lived rent free for 2 years and a net profit of over 60k on resale
Lessons learned? Challenges?
Living next to your tenants can be difficult. Learn to do minor repairs yourself and contrary to popular belief, you rarely get called at 2am for a toliet issue!