This is our first personal real estate investing move. House Hack. We live in this house, renovated an former garage to be a mother-in-law suite. We use it for STR and Mid-term rentals. Our target market is the Dave Ramsey Traveling Couple - We want to provide a trip where couples can still live while living like no one else to later live like no one else.

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

Our standards were low. Everyone says your first deal is not your best deal. We were looking to just get in the game. The only standard was, can we live in this house and have a space to rent out? We found this property right by the BNA airport, in a safe but developing neighborhood (C+ level).

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

Nothing fancy on this first deal. We took David Green's advice. Instead of looking for 3br/2b houses, we searched for 2br/1b houses and look at size and potential to add another room. This house was listed as a 2br/1b and 1,700 sq ft. It had 3 separate living spaces! We converted one of the living spaces (which was formally a garage) into a mother-in-law suite and added a bathroom. We brought more value to the home. Our house has appreciate $100k and our STR to covers mortgage

How did you finance this deal?

FHA Loan

How did you add value to the deal?

Converted a living space into mother-in-law suite (around 700 sq. feet) with master bedroom. We brought in plumbing, additional electrical, and basic remodeling.

What was the outcome?

House appraised $410k (No more PMI!), we make a monthly $1,215 which covers most of our mortgage! Our Airbnb is in the top 1% of listings, a guest favorite and has given us the title of superhosts!

Lessons learned? Challenges?

Installing plumbing with a concrete foundation is a lot of work. Even if I budget more than expected, the price of goods and services since 2020 has really shown me that the prices I researched by to 2021 did not apply.

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

Logan Rhea with Pro25 was an amazing real estate agent. He helped navigate us through the emotions of home buying and focus on the goal. He is also an investor specializing in Mid to short term rentals (404) 275-0488
Also LOVED Hoffman Brothers Plumbing. They are pricey, but amazing communication and service and quick.
My drywall and painting guy Luis is amazing. I've use him multiple times and have been satisfied with his speed, communication and being respectful of my budget (615)-545-9956