Updated almost 2 years ago on . Most recent reply
Single Family House Hack
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $260,000
Cash invested: $30,000
Bought as a primary residence and rented out all the rooms. While staying in the smallest room I converted the two car garage over to a master suite. Moved out after the 1 year was up. 5 bed, 3 1/2 Bath. Rents are: Room 1: $750, Room 2: $750, Room 3: $650, Room 4: $650, Room 5: $450. PITI and CAPEX = $1800. About 120K in equity
What made you interested in investing in this type of deal?
I was still okay with living with roommates and I wanted to buy another house hack. In Charlotte, multi-family house hack are hard to come by. So I made single family work
How did you find this deal and how did you negotiate it?
On the market with an Agent
How did you finance this deal?
5% down Conventional plus a portion of rehab costs.
How did you add value to the deal?
Converted 2 car garage to master bedroom, new floors, and new paint.
What was the outcome?
Holding currently. Going to use the equity to transition into buy and holds.
Lessons learned? Challenges?
This was my first time managing contractors. I could have done a better job with communicating expectations and monitoring to ensure they are followed at the quality I expect. I was nervous to be that direct.
