All Forum Posts by: Christopher Whitson

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $450,000
Cash invested: $120,000

Contributors:
Tyson Harris

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Images are of the completed renovations in side A of our duplex. Side B should be completed in a few weeks (Will post pics when those are complete).Side A has been posted for rent, so cashflow is TBD at the moment. Also, big shout out to my contractor, Tyson Harris. If you live in middle Tennessee and need a dependable contractor and team, reach out to Tyson and his team at Harris Property & Investment, LLC (HPI, LLC). His team are top notch and they do incredible work!

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

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

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How did you finance this deal?

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How did you add value to the deal?

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What was the outcome?

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Lessons learned? Challenges?

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

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Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $450,000
Cash invested: $120,000

Contributors:
Tyson Harris

This is a continuation from my previous post about my first house hack. We purchased the property in June of 20' and lived in one side while taking on the current tenant at the time. We saved and waited while the market went crazy. We were able to refinance out of our PMI and fortunately the market took an uptick which built enough equity into the property that allowed us to qualify for HELOC on the property that covered about 90% of the renovation costs.

Images in this post are of the completed renovations in side A of our duplex. Side B should be completed in a few weeks (Will post pics when those are complete).

Side A has been posted for rent, so cashflow is TBD at the moment.

Lastly, but most certainly not least, big shout out to my contractor that has put in countless hours and numerous changes down to the small details, Tyson Harris. If you live in middle Tennessee and need a dependable contractor and team, reach out to Tyson and his team at Harris Property & Investment, LLC (HPI, LLC). His team are top notch and they do incredible work!

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

See original post

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

See original post

How did you finance this deal?

See original post

How did you add value to the deal?

See original post

What was the outcome?

See original post

Lessons learned? Challenges?

See original post

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

See original post

Thanks Sarita!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $450,000
Cash invested: $120,000

First time house hacking. Just finishe renovations on Side A (1x1). Pivoting to Unit B (2x1). Located in a prominant part of Nashville. Anticipate ganering a premium rent due to location and upgrades to both sides of property. Photos posted ar of Side A prior to renovations. Will follow up with upgrades shortly.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $295,000

First ever home purchase. Purchased during a PCS move to SC. Was able to use VA loan to purchase and turned into an investment property once I left the military

@Russell Brazil

Got it. Thanks for the feedback Russell!

@Russell Brazil

Was*

@Russell Brazil

It’s an investment property now. It wasn’t primary res when I lived in SC.

First-time poster, here. My wife and I bought our first home, with a VA loan, when I received PCS orders to South Carolina in 2017. Between that time and 2020, I made the decision to separate from the military and gain some sort of normalcy to my life and made the jump into RE investing. I hired a property manager and put my home up for rent and moved home to Nashville, TN. My wife and I found a duplex in the heart of Nashville where we are currently house hacking. One side of our duplex is fairly up to date, by that I mean the kitchen has a dishwasher, microwave, and other creature comforts that modern families expect. However, with regard to our kitchen, it has a sink, a fridge, and some cabinets. Needless to say, we want to update and eventually turn this into a dual rental property.

I say all this because that home in Beaufort has been building equity for us and I'm exploring the idea of a HELOC or Cash-Out Refi. I spoke to my current lender out of SC and I was told that can't qualify for a Cash-Out Refi on a VA loan. Does this sound correct? If so, can someone explain why that is? I've never missed a payment. And my credit is pretty close to 800. Any insight would help. Thanks in advance.

I'm am shopping around with other lenders. Just seemed odd to me that a VA loan is what would disqualify me from getting equity out of my home. Especially, when I'm in great standing.