All Forum Posts by: Nicholas Icard

@Suan Aik Yeo

Hey Suan! It’s definitely a tough situation. To me, it sounds like you could sell this home and possibly reinvest your money into another property (if that’s something you’re interested in). If you reinvested the money from the home into another investment property, you could certainly find a better return out there (so long as you run your numbers correctly and find a good deal).

Assuming you’ve lived in the home as your primary residence for at least 2 of the last 5 years, you won’t have to pay capital gains tax as well, so you’ll get that amount tax-free. Depending on the market you invest in, you could potentially purchase several properties for the amount of money you would have available.

@Samuel Thomas Miller

Hey Samuel! I'm an investor/realtor here in the Charlotte are. Do you know what specific technique you would want to utilize? Buy and hold? House hack? Are you looking in the Charlotte market or somewhere else? As far as financing goes, there are conventional loans specifically for first time homebuyers that you can utilize to put 5% down (giving you the advantages of the conventional loan with the desirable low money down aspect of the FHA). I'd love to chat more about the specifics of your goals!

@Matthew Jackson

Hey Matthew. For me, two places come to mind. The Gastonia area is in a rapid development phase, and is bound to see some great appreciation in the coming years (not to mention, the numbers work there more often than not). Another market that is solid is the Hickory-Lenoir area (about an hour NW of Charlotte). Depending on what you want to invest in (mf, sfh) there are some great properties there as well. Hickory has a decent amount of MF properties too.

As always, the numbers have to work on the specific property you choose. However, both of those markets should have some more affordable prices while still giving you the return you’re looking for.

@Jordan Mobley

Hey Jordan! Would love to connect. I’m an investor and a Realtor here in the Charlotte area.

@Brandon Plombon

Thank you Brandon!! It worked out really well for me. As long as the numbers work for you & your area, I’m sure it will work out great!

@Dmitriy Fomichenko

Thanks so much!!

@Andrew Syrios

Thank you!!

Hey Brian, thanks for your comment! This property will be used as an LTR (still rent by the room to maximize cash flow) after I move out. As of now, I plan to continue to do this every year or so. Since this used a minimal amount of cash, I'm hoping to do these annually while also saving enough to start incorporating BRRRR's and STR's into my portfolio.

Thanks so much, Deborah! Absolutely, there is so much to learn out there for people at every experience level of real estate. 

Investment Info:

Townhouse house hack in Charlotte, NC.

Purchase price: $173,000
Cash invested: $12,000

Cash flowing in a house hack! Currently getting paid to live at this property, the mortgage payment is $889 and I'm renting out two of the bedrooms for $1395 total! This townhouse did not have an HOA, which is what made me intrigued about the deal in the first place.

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

I needed a place to stay and I did not want to throw away money to someone else every month.

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

I found this deal on Zillow, and I used the leverage of having an older HVAC system to get a $2,000 credit from the sellers.

How did you finance this deal?

I went with a 5% down conventional loan, which will allow me to continue to purchase house hacks if I want to in the future (assuming DTI is acceptable).

How did you add value to the deal?

Painted both of the bedrooms I rented out (one of them was a horrendous blue color) and did some cheap curb appeal fix-ups (mulch, cleaning, etc.)!

What was the outcome?

I am thrilled with how things turned out. I'm able to pay off the mortgage, utilities, and all other expenses each month and still have cash flow leftover ($200-$250).