All Forum Posts by: Bryon Andrews

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $300,000
Cash invested: $30,000

Up/Down Duplex - House Hack - Off Market Purchase

Unit 1 - 2 Bed/1 Bath
Unit 2 - 2 Bed/1 Bath

Renovations - $10,000
Down Payment - $20,000

How did you find this deal and how did you negotiate it?

Off Market - Mailers

How did you finance this deal?

FHA

How did you add value to the deal?

Cosmetic updates - Paint, Flooring, Cabinets and Appliances

What was the outcome?

House Hack that lowered my monthly cost of living.

Investment Info:

Single-family residence buy & hold investment in White Bear Lake.

Purchase price: $215,000
Cash invested: $30,000

Contributors:
John Sauber

Single family home that needed lots of cosmetic updates throughout. Added bedroom and bathroom in basement. Owner occupied during renovations and plan to rent out.

What made you interested in investing in this type of deal?

Cashflow

How did you finance this deal?

Owner Occupied Financing

How did you add value to the deal?

Cosmetic renovation and added bedroom and bathroom.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

John Sauber Real Estate Agent and M&M Mortgage

@Aaron Lucas I'm not sure what your particular situation is, but you can not go wrong house hacking into your first buy and hold. Currently doing it right now myself. Take advantage of owner occupied financing, get a taste (experience) of being a landlord, then leverage yourself up to larger multi-families (1031).  

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Stillwater.

Purchase price: $262,900
Cash invested: $15,500

Unit 1 - 4 bed 1 bath. Unit 2 - 2 bed 1 bath. House hack with a FHA 3.5% loan. Lots of cosmetic rehab done by myself to rent out the 4 bed unit for $2,000/mo. Total monthly expenses are just under $1,800. Unit 2 will rent $1,200/ mo when I move out.

What made you interested in investing in this type of deal?

Listening to the Bigger Pockets Podcast and still having the college mentality of being able to live in a duplex with someone else sharing a wall.

How did you find this deal and how did you negotiate it?

Found the deal on the MLS and made a full price offer the first day it came on the market. Seller paid closing so I was able to get cash to close.

How did you finance this deal?

3.5% FHA as well as seller paid closing.

How did you add value to the deal?

Lots of cosmetic updates in the units by myself.

What was the outcome?

Living rent free and will cash flow $1,400+/mo when I move out.

Hi @Tyler Minkel,

Two people that will help you tremendously are @Jordan Moorhead and @Tim Swierczek. They are extremely knowledgeable and have helped me purchase my first househack just outside the Twin Cities. 

A second for @Jordan Moorhead. He has been a ton of help to me here in Minnesota and I am sure has connections for you in Texas. 

If looking in Minnesota, especially the MPLS/SP area, I highly recommend talking to @Jordan Moorhead and @Tim Swierczek. They have been a huge help in my beginning real estate journey. 

Congrats on the house hack! I am looking to do the same thing in the near future. 

Thanks for the post Justin! I am new to this as well, and hearing that it worked out for you (even with headaches) is reassuring. Good luck in future deals! 

Welcome Tanner! I am in the same position as you currently. I will be brand new to the cities come January. If you're ever looking to grab a coffee and talk real estate, please feel free to contact me!