House hacking in Asheville

[Will Morrison]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $325,000
Cash invested: $20,000

My wife and I bought a single family and turned it into a house hack. We rent out the downstairs and live in the upstairs. This house has two separate entrances, kitchens and living spaces. The rent covers 90% of our mortgage!

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

This was our first investment property! My wife and I wanted to decrease the cost of living in Asheville while providing housing for people in Asheville. Thus we needed a house hack.

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

Found on the MLS, drove to the property and met the owner. I then put an offer in referencing our conversation.

How did you finance this deal?

Traditional financing. Only one of us took out the mortgage so we would be more lendable in the future.

How did you add value to the deal?

As we are living in this one we are slowing renovating and adding value to each unit. Eventually we will move and rent out both the upstairs and downstairs.