My first investment was a House Hack
Investment Info:
Single-family residence buy & hold investment in West York.
Purchase price: $123,500
Cash invested: $15,000
First Investment... House hacked for 6 Years & now have been renting out for nearly 3 years.
What made you interested in investing in this type of deal?
I always had interest in Real Estate. I slowly read books & followed the market. Once I purchased a different primary residence I knew I wanted to rent out this property & give being a landlord a shot.
How did you find this deal and how did you negotiate it?
I actually found this deal off market. It was a co-workers client that had the property for sale & I overheard them talking about it.
How did you finance this deal?
3.5% down FHA
How did you add value to the deal?
I remodeled the kitchen & bathrooms. I also added central A/C.
What was the outcome?
I still own this property today & currently cashflow $300+ a month.
Lessons learned? Challenges?
Biggest lesson I learned on this one was trusting my gut. I didn't have a great feeling about the potential renters during the first round of trying to get this property rented. I ended up taking the property off the market & doing the remodels. I ended up getting a quality tenant that has been there going on 3 years & also getting more $$ than I originally was asking because of my upgrades.