“Rent by the room” house hacking may seem like a nightmare to some, but to Jordan Lindsay he saw it as an opportunity to the fast track to financial freedom and not being dependent on his W2 income. He was able to prove all the skeptics wrong not once, but twice, by successfully executing this strategy. Oh, and did we mention that he did it with his girlfriend, now wife?
Jordan’s success story is not only inspiring but repeatable. We help clients find amazing deals just like the deal Stacy Rozansky with Envision Advisors helped Jordan find back in November.
To learn more about Jordans house hack, continue reading.
Investment Info:
- Closed in November 2022
- Single Family Home with 5 bed/ 3 baths
- Main Level: 4 bed/ 2 bath
- Basement Mother-in-Law: 1 bed/ 1 bath
- Original list price: $549,000 (negotiated down to $529,900). Great job Stacy!
- Cash invested:
- Downpayment: $26,495
- Seller Credits: $8,000
- Total Cash at Close: $31,600
- Furnishings and Appliances: $5,000
What made Jordan interested in this deal?
Jordan and his spouse bought their first house hack in August 2021. It was a 5-bedroom property, and they rented out the basement while living there. This allowed them to decrease their living expenses and save money quickly to purchase their second house hack! Way to go!
The layout of their new house hack provided ideal privacy while allowing them to rent out other rooms individually, thanks to the second kitchen in the basement where Jordan and his wife live. With an amazing location, they were able to rent out all 4 rooms within a few weeks.
Finding and Negotiating the Deal:
The property was found on the MLS, which is not surprising given that 99% of the house hacks we find for our clients are also found there.
Stacy negotiated $8,000 in seller concessions and requested that the seller fix all items from the inspection report before the closing table.
Financing the Deal:
Nothing fancy here! Jordan put 5% down on a conventional loan and was also able to buy down the interest rate using some of the $8,000 received in seller concessions. He plans to refinance when interest rates drop.
Was there any value added?
One of the many things that attracted Jordan to this property was that it had recently been renovated and was move-in ready. The only things needed were some furnishings in the common areas and curtains for the bedrooms.
More about Jordan Lindsay
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Phone: 805.703.3102
Email: [email protected]
