My 1st owner occupied house hack

[Connor Mather]

Investment Info:

Townhouse buy & hold investment in Durham.

Purchase price: $217,000
Cash invested: $20,000

My first owner occupied house hack. I rented out 2 of the bedrooms and lived in the 3rd rent free. I have since moved out and rented out my old bedroom pre-furninshed. I utilize a room by room style rental as I am able to squeeze significantly more rental income out of the property than if I rented it as a SFH.

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

This was a turnkey property. As a first time homebuyer I wanted something that wasn't going to overwhelm me and that I knew would cash flow well.

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

I found this on the MLS and my realtor helped me negotiate the price down $5,000

How did you finance this deal?

I used conventional first time home buyer financing that was available to me in North Carolina.

How did you add value to the deal?

I rented the rooms out to get a lot more rent out of the townhome than if I had rented it as a single family home.

What was the outcome?

It has helped me learn lessons as a Real Estate Investor, Property Manager, and more. Most importantly it has taught me to keep investing and buying RE

Lessons learned? Challenges?

I have run into one challenging tenant so far. Ultimately, no legal action was taken but I learned a lot about systems I need to have in place to mitigate headaches in the future.

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

I worked with a realtor and lender however they did not invest in real estate themselves so I find it hard to recommend them knowing what I know now.

[Rick Novotny]

Congrats @Connor Mather !

This is EXACTLY how I started. I bought a really nice townhouse in Denver in 2016 and rented my extra rooms. It turned into an excellent first deal. I ended up selling that one in 2019 to use the capital to buy in my investment market (Kansas City), where I also live now. Congrats again on getting into your first real estate investment. I hope it works out well for you!