STR and LTR in one. Arden, NC

[John Ellis]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $250,000
Cash invested: $15,000

I purchased a SFR with a mostly finished basement. Lived in the basement while building it out. Now I AirBNB the first floor as a 2 bed, 2 bath and I long term rent the basement.

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

Originally I was just trying to "house hack" and live in the basement. Eventually my fiancé and I moved in together and turned it into a two unit rental.

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

I used a real estate agent. I told the agent I was looking for a property I could "house hack".

How did you finance this deal?

Through a credit union as a personal home.

How did you add value to the deal?

It is now rented as two separate units.

What was the outcome?

It was profitable even while the basement sat unfinished for a little while. It is much more profitable now with the basement rented.

Lessons learned? Challenges?

My original timeline and budget to getting the place rented out was incorrect. I did all of this myself while working full time+ as a Fire Fighter. I basically winged it. I should have sought out some guidance on how get the place ready for AirBNB quicker and on a budget.