House Hack in Virginia Beach

[Remington Blackburn]

Investment Info:

Single-family residence buy & hold investment in Virginia Beach.

Purchase price: $535,000
Cash invested: $85,000

My husband and I were able to buy our dream home and we owe almost all of it to the Bigger Pockets Community. The numbers aren't as great as our past deals, but we were willing to accept it because we love the home so much. The property is 3700 sq ft with a separate in-law suite and basement. We have the in-law suite rented and are renovating the basement to rent in the Spring.

PITI: $2700

In-law suite rent: $1100
Projected basement apartment rent: $1100

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

We wanted to buy our forever home and something we would grow in to. We don't need all the space right now, so we're using it to generate extra income. We've been listening to the podcast for years and were only interested in buying a property we could house hack.

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

We found the deal on the MLS.

How did you finance this deal?

Conventional Financing

How did you add value to the deal?

We are renovating and separating parts of the house to generate extra income.

What was the outcome?

We are able to buy our dream home, offer good people a great place to live at a fair price, and have rental income pay a significant part of the mortgage.

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

I was the buyers agent for this transaction and unfortunately I would not recommend the sellers agent. He is a discount agent and I think the lack of incentive contributed to the lack of communication from the seller's end. Everything turned out well though!