Luxury House Hack in West Nashville, TN

[Kyle Deutschmann]

Investment Info:

Single-family residence buy & hold investment.

House-hacking a SFR in West Nashville, TN

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

House-hacking seemed to be the easiest strategy for a new investor. I was able to use a low-money down, conventional mortgage and because it is in a nice area (that is also rapidly transitioning/appreciating) I was able to fill all of my spare bedrooms within 3 weeks after closing!

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

Found it on the MLS using a Realtor at Village Real Estate (would highly recommend if anyone is looking for an investor-friendly Realtor in the Nashville/Franklin areas of TN!)

How did you finance this deal?

I put 5% down using an owner-occupied, conventional mortgage.

How did you add value to the deal?

This property was relatively turn-key, but I've added some amenities to make it even more attractive to young professional renters (furnishing the common areas with relatively nice furniture such as a big screen TV mounted on the wall, added a Ring Doorbell/a SimpliSafe Home Security system/individual locks on each bedroom door to make my tenants/roommates feel extra safe, etc.)

What was the outcome?

I filled 2 spare rooms within 1 week of closing and the third room within 3 weeks of closing

Lessons learned? Challenges?

It's hard to add a lot of value to a relatively turn-key property; however, it made it super easy to fill all of my rooms since the house was already attractive to prospective tenants. I also had a lot of challenges working with the builder, so I know the importance of vetting your service providers thoroughly (including getting references).

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

Kate Hite, licensed Realtor at Village Real Estate
Rudy Title