Single family w/ finished basement 1bed/1bath medium term rental!

[Kane Waterbury]

Investment Info:

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

Purchase price: $429,000
Cash invested: $30,000

Our 2nd property in Nashville. We bought this newly renovated converted single family that now has a 1bed/1bath in the finished basement that we rent out furnished, medium term, with all utilities included.

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

Being able to have a nice, rentable part of our new house was a huge appeal. The finished basement has a full 1 bed, 1 bath, kitchenette, office room, & washer/dryer hook ups.

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

We found the listing within minutes of it going to the MLS. We reached out to the agent who was also the seller & were able to agree to their price with some of our terms.

How did you finance this deal?

5% conventional loan.

How did you add value to the deal?

By changing out some features, rerunning some ducts, to create separate laundry rooms, & doing some minor renovations/upgrades we were able to get the house ready to be ran as 2 separate units.

What was the outcome?

A great support to help pay the mortgage.

Lessons learned? Challenges?

Biggest challenge still is figuring out soundproofing for the interior doors that allow a good bit of sound through & finding a soundproofing solution for floor noise on our level to the tenants below. We can tiptoe around & they can't hear it, but anything louder than soft walking they can. We are trying to figure out best way to stop noise transfer.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My fiancé is an agent and property manager (short & long term) & would highly recommend her to anyone needing an agent or pm!