All Forum Posts by: Elliott G.

Investment Info:

Single-family residence buy & hold investment in Charlotte.

Purchase price: $135,000
Cash invested: $23,000

Bought a 2br 1b single family house in University Area for 135k. (3.5% down 3.875% intrest) then house hacked the spare bedroom for $650 a month while completing renovations.

Spent 15k Adding a bedroom, bathroom , new roof , paint , etc to the house.

Did a (partial) cash-out-Refinance with the house being appraised at 180k. Which paid me back for the renovations then left eveything else in the deal, brought me up to 20% Equity in the property, dropped pmi and lowered interest to 3%.

I now rent out 2 of the 3 bedrooms for a total of $1,300 a month with a mortgage of $750 per month along with living for free and having over 20% Equity in the property.

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

Starting with little money in hand right out of college

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

Off market deal made directly with the seller. Part of the deal was to include all the appliances in the house and fix eveything needed to have the house move in ready.

How did you finance this deal?

Traditional mortgage from BB&T

How did you add value to the deal?

Doing the renovations myself

What was the outcome?

13k profit , a free place to stay and $350 a month in passive income.

Lessons learned? Challenges?

Renovations take alot longer than expected when dealing with county inspections.

Investment Info:

Single-family residence buy & hold investment in Charlotte.

Purchase price: $135,000
Cash invested: $23,000

Bought a 2br 1b single family house in University Area for 135k. (3.5% down 3.875% intrest) then house hacked the spare bedroom for $650 a month while completing renovations.

Spent 15k Adding a bedroom, bathroom , new roof , paint , etc to the house.

Did a (partial) cash-out-Refinance with the house being appraised at 180k. Which paid me back for the renovations then left eveything else in the deal, brought me up to 20% Equity in the property, dropped pmi and lowered interest to 3%.

I now rent out 2 of the 3 bedrooms for a total of $1,300 a month with a mortgage of $750 per month along with living for free and having over 20% Equity in the property.

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

Starting with little money in hand right out of college

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

Off market deal made directly with the seller. Part of the deal was to include all the appliances in the house and fix eveything needed to have the house move in ready.

How did you finance this deal?

Traditional mortgage from BB&T

How did you add value to the deal?

Doing the renovations myself

What was the outcome?

13k profit , a free place to stay and $350 a month in passive income.

Lessons learned? Challenges?

Renovations take alot longer than expected when dealing with county inspections.

I just graduated from college May of 2019 and soon as I did I bought a single family home to house hack. It's 2 bedroom 1 bath with an attached garage and an attached screened in patio. I have lived there about 7 months now and have had a tenant occupying the other room the entire time. The home is in a good location and I didn't have all too much trouble finding any of the tenants or charging good rent. Now that I have saved enough to begin some of the major renovations I plan to convert the attached garage into a bedroom then also rent that out. My question is, should I get a building permit and have the county recognize my additions or just do the additions and not have then recognize it. If I just go ahead and do the renovations it'll be alot cheaper, I don't have to pay the additional taxes on the value of the additions and it will be significantly faster that I can finish and put a new tenant in there to help me start collecting more rent. But in the other hand if I do need to refinance or try to sell the house way down the line all the value I added to the house may be more difficult for me to access. Any advice? If it helps my plan is to buy and hold while I continue to buy more properties.

I am a college senior graduating from Appalachian State in North Carolina this coming May ( 7 months from now). I will begin working in Charlotte NC after that and I will be "House Hacking" a 3 bed room house. I plan on living in 1 bed room and renting out the other 2 while I work. I need help and advice about choosing a lender to finance this first house I have a great really good credit score, and the job I have been offered in Charlotte pays well so the banks like that but I do not have very much money to put down. So any advice for an owner occupied loan with little money down that preferably gives me a little room to do some repairs with the money?