Single-family residence buy & hold investment in Charlotte.
Purchase price: $66,000
Cash invested: $66,000
We found this through HUD while I was in grad school. We made an offer during the period of time when only bids from owner occupy were allowed, we got the offer accepted, pay cash with insurance money from my mom. Rented the other room to cover my bills and extra. The "Accidental owner-occupied Airbnb" then turns into long term hold student housing rental. We used the equity to get a HELOC to make a downpayment for another investment property(was primary home and we househack out of it).
Update: one of my goals this year is to optimize the process. I found a fantastic property manager to manage to help me manage all my properties in Charlotte. We also did light rehab to increase our rent and minimize vacancy. On the backend, I'm working on getting the LOC from all the properties in order to have more flexibility.
How did you add value to the deal?
Current market value is ~$150K I'm able to use HELOC to buy more.
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