Cash Flowing in a House Hack!

[Nicholas Icard]

Investment Info:

Townhouse house hack in Charlotte, NC.

Purchase price: $173,000
Cash invested: $12,000

Cash flowing in a house hack! Currently getting paid to live at this property, the mortgage payment is $889 and I'm renting out two of the bedrooms for $1395 total! This townhouse did not have an HOA, which is what made me intrigued about the deal in the first place.

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

I needed a place to stay and I did not want to throw away money to someone else every month.

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

I found this deal on Zillow, and I used the leverage of having an older HVAC system to get a $2,000 credit from the sellers.

How did you finance this deal?

I went with a 5% down conventional loan, which will allow me to continue to purchase house hacks if I want to in the future (assuming DTI is acceptable).

How did you add value to the deal?

Painted both of the bedrooms I rented out (one of them was a horrendous blue color) and did some cheap curb appeal fix-ups (mulch, cleaning, etc.)!

What was the outcome?

I am thrilled with how things turned out. I'm able to pay off the mortgage, utilities, and all other expenses each month and still have cash flow leftover ($200-$250).

[Dmitriy Fomichenko]

Way to go, congrats @Nicholas Icard !