My Nashville Househack

[Dan G.]

Investment Info:

Single-family residence buy & hold investment in Nashville.

Purchase price: $375,000
Cash invested: $35,000

Contributors:
Alex Vargas

My first investment property and first home. Bought this property with massive opportunity. It's a two story SFR with two separate living spaces/kitchens. Main floor is 3bed/2bath and basement is 2bed/2bath. Currently living on the main floor with two roommate renters and will be renting out the basement unit, which opens out to the backyard. Worked with my real estate agent, Alex, who connected me with an awesome lender and contractor to bring this house hack to the next level with a full rehab of the basement unit giving us increased property value and rental income.

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

I had been listening to BiggerPocket podcast for several months and saving for a couple years to buy a home. Understood that one of the best ways to get into Real Estate investing is to jump right in and househack.

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

MLS - My trusty real estate agent Alex helped create an automatic search that alerted us about this property as it matched our search criteria of being a home with a basement and 4+ bedrooms.

How did you finance this deal?

Conventional Homestyle Mortgage

How did you add value to the deal?

Built-in the renovation costs into the mortgage

What was the outcome?

Currently househacking with new additional rental income expected within first 4 months of owning the property

Lessons learned? Challenges?

Older homes require additional investment to bring them up to code and/or update the guts (plumbing, hvac, insulation), but its worth it!

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

Alex Vargas, Bram from Kane Co. Builders, and Craig Morren at Loan Depot helped me get this deal done.