Up until this property I'd never owned a multifamily in the city of Charlotte, but by rolling my equity from one deal to the next (when I sold the Gastonia Fourplex and did a 1031 exchange) I increased my buying power significantly!

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I used a bank statement loan to get non-QM financing on it (still 30-year fixed), and when the appraisal came back it was valued at $543,000! This gave me $84,000 in instant equity at closing.

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The tenants lease ended in January and I got the renovation started, updating the entire thing and furnishing it to list as a short term rental! I write this about a month and a half into it being live on AirBNB and it has been a strong investment so far!