Updated over 4 years ago on . Most recent reply
Sun Prairie Duplex Househack
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $318,000
Cash invested: $11,130
This is the second time we are house-hacking. We are using the FHA 203k loan.
What made you interested in investing in this type of deal?
Real estate in Dane County has high appreciation rates and this is a highly sought out area.
How did you find this deal and how did you negotiate it?
FSBO. Negotiated through my real estate agent.
How did you finance this deal?
HELOC from our first house hack.
How did you add value to the deal?
The property had some equity upon purchase, we are adding value by renovating one side to target an A-/B+ level renter.
What was the outcome?
In progress!
Lessons learned? Challenges?
Vet your contractors from multiple sources. Don't always go with the cheapest, experience matters! I wish I could turn back time and go with one of the other bids I received on the reno project. The contractor has been a NIGHTMARE to work with.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes! My lender is amazing, he answered a ton of questions I had about the FHA203k loan and has experience working with it so he knew how to handle everything. Josh Nelson from Supreme lending-I recommend him to everyone. I also worked with my real estate agent who was super helpful in the negotiations and dealing with the seller throughout the inspection process which was more complicated than usual due to the FHA 203k loan.