Updated over 5 years ago on . Most recent reply
My Nashville Househack
Investment Info:
Single-family residence buy & hold investment in Nashville.
Purchase price: $375,000
Cash invested: $35,000
Contributors:
Alex Vargas
My first investment property and first home. Bought this property with massive opportunity. It's a two story SFR with two separate living spaces/kitchens. Main floor is 3bed/2bath and basement is 2bed/2bath. Currently living on the main floor with two roommate renters and will be renting out the basement unit, which opens out to the backyard.
What made you interested in investing in this type of deal?
I had been listening to BiggerPocket podcast for several months and saving for a couple years to buy a home. Understood that one of the best ways to get into Real Estate investing is to jump right in and househack.
How did you find this deal and how did you negotiate it?
MLS - My trusty real estate agent Alex helped create an automatic search that alerted us about this property as it matched our search criteria of being a home with a basement and 4+ bedrooms.
How did you finance this deal?
Conventional Homestyle Mortgage
How did you add value to the deal?
Built-in the renovation costs into the mortgage
What was the outcome?
Currently househacking with new additional rental income expected within first 4 months of owning the property
Lessons learned? Challenges?
Older homes require additional investment to bring them up to code and/or update the guts (plumbing, hvac, insulation), but it's worth it!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Alex Vargas, Bram from Kane Co. Builders, and Craig Morren at Loan Depot helped me get this deal done.
Most Popular Reply
You crushed it on this one man! Glad to have been a part of this with you and beating out multiple offers! 💪🏽. Tons of upside in your future on this one, with househacking and an ever appreciating area in Nashville!