House Hacking with Friends in Charlotte, NC

[Angie Castro]

I recently had the pleasure of helping my good friend and client Anwar purchase a house about 10 minutes away from Uptown Charlotte and 5 minutes away from Noda. He wanted to house-hack his house by renting the extra rooms to his friends. Property purchase price was $305,000 it needed about $10k in updates and we were able to get the sellers to pay $6k in closing costs. His mortgage with a 7% interest rate came out to be $2,200. The rent from the rooms came out to $1,600 so my client is coming out of pocket only $600 monthly to cover his living while owning an appreciating asset in a gentrifying area! For some perspective rents for a 1 bed 1 bath apartment in the area go for $1,650+ Overall I would say this was a great deal! A year from now we will get together and do this all over again!! House-hacking plus primary flipping is such a wealth building strategy that a lot of people should take advantage of!

[Ashley Rigsbee]

@Angie Castro Thank you so much for your valuable insight into the market and inventory. I'm definitely leaning more towards a fourplex and to use househacking. I don't mind if work needs to be done to get a better deal. I'll definitely keep you in mind once I'm ready to secure a real estate agent.