All Forum Posts by: Eric Nelson

I have done 3 house hacks in Charlotte. I agree with others in this thread identifying the fact that if there is a multi-family property, it is probably in a very sketchy area that you would not want to live in. Definitely focus your search on properties that have at least 4 bedrooms and 2 bathrooms. Newer/renovated properties will help with searching for quality roommates. I would also suggest having professional pictures taken. 

Leave it completely unfurnished, but include the washer/dryer and fridge. I would suggest a 12 month lease that changes to a higher priced month-to-month rent afterwards if they do not want to sign another 12 month lease. 

I would not recommend keeping any utility or internet in your name and having them pay you monthly. Have them put it in their name, or keep it in your name and price it as "all inclusive". The latter is what I do. I outline the utility cap in the lease. I charge them for any overages, although that has never happened. 

I self manage and rent out by-the-room a few SFHs in Charlotte. I would suggest furnishing common areas. Things like couches, side tables, lamps, dining room table, rug, and some cheap artwork for the walls. This helps with pictures and viewings so there isn't an old, stained couch that a tenant has been keeping since college. 

If you are dead set on going to college, I would recommend majoring in something like computer science that makes good money and allows you to work from home. You will make money to be able to buy houses and not have to spend all of your free time in an office. You can spend that time learning, networking, and tending to your properties. 

@Matt Nico The purchase went through 6 months ago, everything’s been great so far.

@Jessica Gao 

I was able to finance another property with a 5% down owner occupant loan. The property is in the same neighborhood + on the same street. I would suggest calling up a different lender. 

@Matt Nico 

You are correct, my lender at the time was not flexible. I called another lender and was able to finance a property at 5% down exactly 1 yr after purchasing my first with no questions.

@Daniel Jones @Ryan Warrenburg @Tristan S. I am actually staying in Banner Elk for a few days starting the 24th. Friday at 5:00 at Booneshine sounds good to me.

@Tristan S.

Glad to see Boone on BiggerPockets! I only remember seeing 1 or 2 inactive members on here when I was a sophomore at App.

I don't currently live in Boone but I always have an MLS search for places around Watauga county just in case a property comes up that makes sense for me.

I would be willing to make the drive up there if you guys schedule a meetup!

I went under contract last week for a property at a similar price point. There were literally 8 offers within 24 hours of it hitting the market. You will be just fine.