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House Hacking

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Angie Castro
  • Real Estate Broker
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House Hacking with Friends in Charlotte, NC

Angie Castro
  • Real Estate Broker
Posted Mar 29 2024, 08:06

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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Gabe Martinez
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Gabe Martinez
Pro Member
Replied Mar 29 2024, 11:42

Angie,

This sounds very intriguing. It aligns with my investment strategy to house hack. I am interested in learning how this could be possible with a duplex in the Charlotte area. I would like to connect in the near future and talk about how I can take advantage of obtaining deals like this. 

Thanks,

Gabe

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Ashley Rigsbee
  • Customer Success Specialist at BiggerPockets
  • Charlotte, NC
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4
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Ashley Rigsbee
  • Customer Success Specialist at BiggerPockets
  • Charlotte, NC
Replied Mar 29 2024, 17:29

Does Charlotte, NC have many Muti-family properties (Fourplex's)? I recently located here and would like to learn more about the real estate market in the Queen City.  

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Angie Castro
  • Real Estate Broker
109
Votes |
115
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Angie Castro
  • Real Estate Broker
Replied Apr 1 2024, 07:49
Quote from @Gabe Martinez:

Angie,

This sounds very intriguing. It aligns with my investment strategy to house hack. I am interested in learning how this could be possible with a duplex in the Charlotte area. I would like to connect in the near future and talk about how I can take advantage of obtaining deals like this. 

Thanks,

Gabe

Hey Gabe! Nice to meet you I will say it’s a bit more difficult with duplexes in the Charlotte area. We can find some it will just take a lot of dig in. Anwar actually did it by renting out the room. I will absolutely love to hop on a call and start helping you plan!

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Angie Castro
  • Real Estate Broker
109
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115
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Angie Castro
  • Real Estate Broker
Replied Apr 1 2024, 07:57
Quote from @Ashley Rigsbee:

Does Charlotte, NC have many Muti-family properties (Fourplex's)? I recently located here and would like to learn more about the real estate market in the Queen City.  

Hi Ashley! it depends I will say multifamily inventory is a bit limited but that does not make it impossible.

There’s two ways buying multi family in charlotte tends to go.

1. Move in ready $450k+ at this price you’ll find new construction and renovated duplexes those tend to sell quickly when the numbers makes sense and the ones sitting on the market the rent does not cover a big % of the mortgage.
2. Better priced multifamily will require renovations. We actually offer our clients renovation in house and out of experience for duplexes. A duplex you are looking at a rehab of about $40k

Hope this helps! Will love to help!

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Ashley Rigsbee
  • Customer Success Specialist at BiggerPockets
  • Charlotte, NC
5
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4
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Ashley Rigsbee
  • Customer Success Specialist at BiggerPockets
  • Charlotte, NC
Replied Apr 1 2024, 13:49

@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.  

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Ryan Thomson#1 House Hacking Contributor
  • Real Estate Agent
  • Colorado Springs, CO
1,279
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1,387
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Ryan Thomson#1 House Hacking Contributor
  • Real Estate Agent
  • Colorado Springs, CO
Replied Apr 1 2024, 16:01

The best wealth building strategy I have found! Great work @Angie Castro

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Gabe Martinez
Pro Member
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Gabe Martinez
Pro Member
Replied Apr 1 2024, 23:13
Quote from @Angie Castro:
Quote from @Gabe Martinez:

Angie,

This sounds very intriguing. It aligns with my investment strategy to house hack. I am interested in learning how this could be possible with a duplex in the Charlotte area. I would like to connect in the near future and talk about how I can take advantage of obtaining deals like this. 

Thanks,

Gabe

Hey Gabe! Nice to meet you I will say it’s a bit more difficult with duplexes in the Charlotte area. We can find some it will just take a lot of dig in. Anwar actually did it by renting out the room. I will absolutely love to hop on a call and start helping you plan!

 Angie, 

I would love to get on a call and understand better my options to get started working with you to find a deal. Thank you!

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115
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Angie Castro
  • Real Estate Broker
109
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115
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Angie Castro
  • Real Estate Broker
Replied Apr 2 2024, 04:56
Quote from @Ryan Thomson:

The best wealth building strategy I have found! Great work @Angie Castro


 Thank you! 

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Tracy Scott
  • Homeowner
  • North Carolina
19
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13
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Tracy Scott
  • Homeowner
  • North Carolina
Replied Apr 4 2024, 05:52

Thank you for this information @Angie Castro. Congratulations!