First House Hack in Charlotte

[Ryan Norman]

Investment Info:

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

Purchase price: $220,000
Cash invested: $15,000

FSBO Single-family converted to duplex. 4/3 ranch, with finished basement.

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

The opportunity to house hack

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

Zillow search...FSBO.

How did you finance this deal?

FHA 30-yr fixed @ 4.125%. 401k Loan for closing costs + repairs

How did you add value to the deal?

Completed: Paint, carpet, private entrance with walk-way
In-progress: kitchen cabinet resurfacing, master bathroom renovation, adding second bedroom and kitchenette to finished basement.

What was the outcome?

Using BP's tenant screening resources, I was able to find 2 qualified roommates. I pay for utilities, and the roommates cover debt-service and maintenance. I self-manage using the Cozy.co

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

William Tisdale, PRMI
Desiree Pugh, Keller Williams