Centreville Condo Househack

[Nathan Desnoyers]

Investment Info:

Condo buy & hold investment.

Purchase price: $252,500
Cash invested: $10,060

This property is a 3 bed, 2 bath condominium in Centreville, VA. It sits right at the intersection of two major routes in Northern VA, 66 and 28, giving renters easy access for their work commute.

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

Acquiring a piece of property, getting my feet wet in the world of real estate, lowering my living expenses, and starting the long journey of wealth building!

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

I found this deal on the MLS. My rockstar real estate agent, Antonio Nguyen, negotiated a slightly higher purchase price, but had the sellers cover all closing costs and throw in some credits.

How did you finance this deal?

An owner occupied conventional loan, 3% down.

How did you add value to the deal?

I currently live in the master bedroom and rent out the two guest rooms.

What was the outcome?

After all expenses are paid and reserves are set aside, I am paying around ~$550 out of pocket to live there. I previously was paying $950/month for a bedroom in a less desirable location, so I am pretty happy with the result.

Once I move out, I am going to try renting all 3 rooms individually. This will give me a cash flow of $400-$500. Depending on the vacancy rate I may switch to a single lease, which would decrease my cash flow, but will cause less headaches.

Lessons learned? Challenges?

Furnishing a residence is more expensive than I thought. I previously only rented bedrooms, so I didn't own common area furniture. I also experiencing some issues with marketing my rooms, but have recently found success with facebook marketplace and avail.co

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

My agent was Antonio Nguyen, http://www.nguyenchonproperties.com/. I found him through a recommendation on bigger pockets. He is a fantastic negotiator and made the entire process a breeze. After several lengthy talks with him I decided to get my license and join his team!