Updated almost 4 years ago on . Most recent reply
First House-Hack-BRRR in Downtown SLC
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Salt Lake City.
Purchase price: $400,000
First property and deal – scored an off-market SFH with a mother-in-law duplex. Hoping to do a house-hack-BRRR!
What made you interested in investing in this type of deal?
My market is quite expensive and therefore difficult for new investors to get involved – I knew I would have to house hack for my first property to be able to afford it.
How did you find this deal and how did you negotiate it?
Networking! Told everybody I knew that I was looking to buy a house, a coworker at my W-2 said his neighbor was moving.
How did you finance this deal?
Conventional mortgage with 10% down
How did you add value to the deal?
House is livable but could definitely use some upgrades. Fully rehabbing the upstairs kitchen, bathroom, and living rooms with medium-to-high-end furnishings (to fit the area and future tenants), and basement will have smaller quality-of-life improvements.