Charlotte House Hack

[Jacob Allweil]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $277,000
Cash invested: $13,000

House Hacking! I'm renting out the three other rooms. Right now I'm working on getting the PMI removed also which would free up another $300/month in cashflow.

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

I didn't have a ton of capital and Charlotte is expensive. The rent ratios are not great also. I thought a house hack was the way to go to get me started.

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

Found it on the MLS; it was about to go into foreclosure.

How did you finance this deal?

conventional loan

How did you add value to the deal?

I was able to close before it would have gone into foreclosure. I also revamped the pool area.

Lessons learned? Challenges?

I would not buy a house again with a pool! I thought it'd be a good move to attract renters but I was having trouble finding a reliable pool service last summer which resulted in me doing lots of the maintenance.