House Hacking in Fayetteville, NC

[Ion M. Cerga]

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $120,500
Cash invested: $8,000

Got a new home as a primary residence with 5% down. Get the home repaired lightly, small cosmetic adjustment.
We moved in and after a month or so we got one of our bedroom rented, so basically the reason I decided to share this information here is to share the understanding of a house hacking concept. So at the moment we are house hacking, almost living for free meanwhile the mortgage getting paid by our tenant.

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

One of the ways how to get properties with low money down.

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

Through MLS, I am a realtor, location is close to both my office and my wife's work. It is a great neighborhood so it makes perfect sense to move in.

How did you finance this deal?

We get a conventional loan for a primary residence with 5 % down.

How did you add value to the deal?

Making small cosmetic adjustments and renting the converted garage in a bedroom.

What was the outcome?

Just going through this process for just a couple of months, the idea is to save enough to get the money ready for a BRRR. Active searching the deals.

Lessons learned? Challenges?

Used multiple handymen and plumbers to get the things done. Learned to keep searching and interviewing until eventually will find something that clicks both on personal and professional level, and makes monetary sense.

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

I was a buyer agent for my wife.