All Forum Posts by: Max Graham

@Kevin Sobilo thank you for your advice about the Scranton area in the comments above. I was wondering if you are still active in the area? Also would you be able to elaborate further about areas around Scranton itself that would be worthwhile to investigate for doing BRRRR?

It took about $850-900 for materials and labor to convert the space, and I didn't have any paperwork associated with the project.  The basement already had its own separate entrance and full bathroom, so I added a temporary wall to give the guest their own private space for their stay.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $170,000
Cash invested: $9,500

This is my first deal I made while finishing up my senior year of college. I converted the finished basement into a separate living space that could be rented out on a short-term basis on Airbnb. Through this house-hacking setup, I have been able to live at the home for "free" since moving in July 2021.

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

I wanted to find a way to avoid paying rent to others and rather build my own equity through a short-term rental set up.

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

I found it through my realtor Marco Messina at Keller Williams Philadelphia.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Converting the finished basement into a separate living space that could be rented out through Airbnb. House hacking

What was the outcome?

So far the basement space has been rented out every month since it was completed. It has allowed me to live for the past year without paying any of my own money into my mortgage.

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

Marco Messina at Keller Williams Philadelphia was a fantastic real estate agent who really helped walk me through the home-buying process. He was attentive to the type of property I was looking for and personalized MLS recommendations based on my investment goals.