In 2006, when I was 26 years old, I house hacked a four-unit building in my hometown.

I bought it, fixed it up, moved into unit number two, and then rented the other three units to help me pay my housing bills. It was a fantastic way to live, basically for free, at 26 years old. I lived there for a few years, including when my wife and I got married, and then we kept it as a rental after we moved out Now 18 years later, I decided to do a deep dive analysis of the numbers to see whether this

investment was really a good deal and also whether I should keep this investment going forward.

I'm going to let you look over my shoulder during all the analysis in this video,

so let's get started.

Welcome to the podcast, real estate investing with Coach Carson.

I'm your host, Chad Carson.

You can also call me Coach, and this is a show to help you get out of the financial grind, so you can spend your time doing more of what matters.

I want to begin by telling you the story of how

I actually found this property. And like many good real estate investing deals, the story begins

with a vacant property. No one was living there. In fact, it had Merry Christmas spray painted

across the front of it. It also had in unit number three when I walked in a chalk outline of a body. Now, I'm pretty sure it was a joke and somebody was just playing a joke on us, but the place was rough. It had been vacant for a while. The question is, why was it vacant? Well, the owner of the property was actually a local bank, and so they had foreclosed on this property. And I don't know the whole story behind who they foreclosed on. I just remember discussing with them eventually. There was a landlord, an investor who never really fixed the property

up and eventually the property was vacant. They couldn't get it rented and the bank had to take

the property back. And the way I found out about it, there was no sign in the yard yet that it was for

sale, was my friend and a mentor and eventually someone who

did some private lending with me on this particular deal. His name was Louis Stone. I called him

Dr. Stone. He was a professor of mine in my last year at Clemson when I started taking some business

classes. We just stayed in touch. And he was out always riding around as many entrepreneurs do.

And he's looking around in neighborhoods.

He noticed the property. He told me about it, and then I looked it up and found out that there was a local bank who owned it, and I just basically reached out to this local bank. And this bank

was called a savings and loan. So there's different types of local banks, but they actually

had probably two branches at the time, and I just reached out and started cold calling thealling the bank and eventually got to the person who was in charge of the foreclosures and was able to talk to them about buying the property. Now, as I'm talking to this banker who is very experienced, and I'm a 26-year-old, I want to talk about my mindset a little bit at the time. I was definitely nervous having this conversation, but I did have a

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