All Forum Posts by: Carl Davis

The plan always changes as the market evolves and rents grow. Mid-term renting each unit or the entire home is most likely what we will do.

Just the basement alone will rent for around 2200-2500/mo as an MTR.

Thank you!

Investment Info:

Single-family residence buy & hold investment in Eagle Mountain.

Purchase price: $558,000
Cash invested: $828

Newest house hack. Basement (3/1) rented for 1900/mo, total mortgage 3700/mo.

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

Closer to my wife's work. Great area.

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

KSL, negotiated seller paid closing costs

How did you finance this deal?

FHA loan.

How did you add value to the deal?

It was new construction. Value was gained during the construction period.

What was the outcome?

60k in equity before we even moved in and an offset mortgage payment for a brand new home...nothing to be upset about in this deal.

Lessons learned? Challenges?

Did a 3/1 in the basement, wish we would have done a 3/2 and added another bathroom in the basement apartment.

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

Just me :)

I really like the way you’re thinking about this.

As someone that’s house hacked here in Utah 3 times now, house hacking is a no brainier.

Not only are you able to subsidize your monthly payment but you’re also gaining appreciation and you’re able to create a small rental portfolio within a few years.

When I look to purchase a house hack my overall goal is to buy property that will gain in appreciation and that I will cash flow from when I move (even if the numbers don’t pan out when I first buy).

If you buy the property you are looking at with 3.5% down, and then you only had to pay 800/mo for your home, PLUS it cash flowed after you move in a year or two is it really YOU paying the extra 80k? Isn’t that the whole point of leveraging real estate? That someone else is paying down your loan?

Plus with a more expensive asset a lot of times these may gain more appreciation then the one at a cheaper price. Hence why it’s more expensive in the first place.

With all of these things factored into the equation I think it is a much better solution than purchasing a property with 20-25% down and paying another 2000+/mo for your personal residence.

If you have more questions about how I’ve house hacked in the area, feel free to reach out. I’m an open book.

I work with a few mortgage brokers and hard money lenders.

I’ll message you.

Hey Justin, I specialize in house hacking here in Utah and have done it 3 times myself in the area. 

Would love your help on some renovation estimates for some potential flips we have coming up as well.

Hopefully we can help each other out!

I have partnered with a few wholesalers here in the area and know of a few including:

Jason Lewis, Judd Ellis, Joe homebuyer, and property seller solutions.

the Facebook groups are great ways to meet more wholesalers or more individual wholesalers.

I will message you.

If you know for sure you're going to get the price you've listed the home at you could do a cash out refi on the property, or HELOC.

I would just be certain you can cover the debt service if you can’t sell the home.