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House Hacking
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Updated about 1 year ago on . Most recent reply

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128
Posts
125
Votes
Angie Castro
  • Real Estate Broker
  • Charlotte, NC
125
Votes |
128
Posts

House Hacking with Friends in Charlotte, NC

Angie Castro
  • Real Estate Broker
  • Charlotte, NC
Posted

I recently had the pleasure of helping my good friend and client Anwar purchase a house about 10 minutes away from Uptown Charlotte and 5 minutes away from Noda. He wanted to house-hack his house by renting the extra rooms to his friends. Property purchase price was $305,000 it needed about $10k in updates and we were able to get the sellers to pay $6k in closing costs. His mortgage with a 7% interest rate came out to be $2,200. The rent from the rooms came out to $1,600 so my client is coming out of pocket only $600 monthly to cover his living while owning an appreciating asset in a gentrifying area! For some perspective rents for a 1 bed 1 bath apartment in the area go for $1,650+ Overall I would say this was a great deal! A year from now we will get together and do this all over again!! House-hacking plus primary flipping is such a wealth building strategy that a lot of people should take advantage of!

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Angie Castro with Monarch Group
5.0 stars
24 Reviews

Most Popular Reply

User Stats

4
Posts
5
Votes
Ashley Rigsbee
  • Customer Success Specialist at BiggerPockets
  • Charlotte, NC
5
Votes |
4
Posts
Ashley Rigsbee
  • Customer Success Specialist at BiggerPockets
  • Charlotte, NC
Replied

@Angie Castro Thank you so much for your valuable insight into the market and inventory. I'm definitely leaning more towards a fourplex and to use househacking. I don't mind if work needs to be done to get a better deal. I'll definitely keep you in mind once I'm ready to secure a real estate agent.  

  • Ashley Rigsbee
  • [email protected]
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