How One Hispanic Family in Concord, NC Built Wealth with an FHA 203k Loan and a Four-Unit Property

When Miguel and Rosa Hernandez first arrived in Concord, North Carolina, they had one dream - to build a better future for their family. Like many young couples starting out, they worked hard, budgeted carefully, and dreamed of one day owning a home where their children could grow up safely. What they didn’t realize was that they weren’t just buying a home - they were about to build a foundation for generational wealth.

This is the story of how the Hernandez family utilized an FHA 203k loan to purchase and renovate a four-unit property in Concord, NC, transforming it into a self-sustaining investment that not only provided them with a place to live but also one that paid for itself month after month.

A Family with Big Dreams and Limited Options

Miguel worked full-time as an HVAC technician for a local contractor, while Rosa balanced caring for their two young children with her job as a medical billing specialist. Like many working families, they rented a small two-bedroom apartment that never seemed quite big enough. The walls echoed with dreams of something more—a place of their own.

But every time they looked at home prices in Concord, NC, they grew discouraged. Between rising property values and the cost of living, it felt like homeownership was slipping out of reach.

Then one evening, while watching a video about renovation loan programs, Miguel stumbled across something that caught his attention - the FHA 203k loan. It wasn’t just a mortgage; it was a financing tool that allowed homebuyers to purchase a property and roll the renovation costs into one affordable loan.

Rosa raised an eyebrow. “You mean we could buy a fixer-upper and make it nice—with the same loan?”

“Exactly,” Miguel said. “And look—if it’s a multi-unit property, like a duplex or fourplex, we can live in one unit and rent the others.”

That night changed everything.

Discovering the FHA 203k Advantage

They reached out to a 203k consultant from the Mike Young Team, who explained how the program worked step-by-step. The FHA 203k renovation loan is designed for owner-occupied properties up to four units, meaning borrowers can live in one unit while collecting rent from the others. It’s an ideal way to offset housing costs and build equity—especially for first-time buyers.

Here’s how it works:

1. The buyer finds a property that needs work—like outdated kitchens, aging roofs, or old plumbing.

2. The 203k consultant prepares a detailed scope of work outlining all repairs and improvements.

3. The loan amount is based on the after-improved value of the property, allowing the buyer to finance both the purchase price and the renovation costs.

4. Once the loan closes, construction begins, and the funds are released through draws as the work progresses.

For Miguel and Rosa, the plan was clear: find a four-unit property in Concord, fix it up, and live in one unit while renting out the others.

Finding “The One”

It didn’t take long before they found it—a tired, weathered fourplex on the edge of downtown Concord, just minutes from the Gibson Mill Market and Concord’s Historic District. The building had good bones, but it was far from move-in ready. The roof leaked in two places, the kitchens were outdated, and the paint was peeling from nearly every wall. But it was listed at a price that fit their budget.

Most buyers would’ve walked away. Miguel saw potential.

“We could make this place beautiful,” he said. “And the rent from the other three units would cover most of the mortgage.”

They made an offer, contingent on financing with the FHA 203k Standard Loan, which allows for major repairs and even structural work. The offer was accepted within 48 hours.

The Power of a 203k Consultant

Next came the 203k inspection and work write-up. Their consultant, assigned by Mike Young’s 203k Team, met them on-site and walked them through every detail—from required safety upgrades to optional improvements that could boost the property’s long-term value.

Together, they built a renovation plan that included:

• New roofing and gutters

• Updated electrical and plumbing

• Fresh exterior paint

• Kitchen and bathroom remodels in all four units

• Energy-efficient windows

• Landscaping and new fencing for curb appeal

The estimated rehab budget was about $90,000, but with the FHA 203k loan, all of it was financed into one monthly mortgage.

Renovations and Reality

Once the loan closed, construction began. For the first two months, the property was a flurry of activity—contractors repairing drywall, electricians upgrading wiring, and painters brightening every unit with soft, welcoming tones.

Miguel was hands-on every step of the way. “I may not be the contractor of record,” he said, “but I made sure everything was done right.”

Their 203k consultant conducted inspections at each stage, ensuring the work met FHA standards and that contractors got paid through the proper draw process. This oversight gave the Hernandez family peace of mind—no surprises, no missed steps.

The Move-In and the Math

By spring, the four-unit property was fully renovated and ready. The family moved into Unit A, a cozy two-bedroom apartment on the first floor, while the other three units were listed for rent.

Within weeks, all three were leased.

Here’s how the numbers broke down:

• Unit B rent: $1,150/month

• Unit C rent: $1,200/month

• Unit D rent: $1,250/month

Their total monthly mortgage payment—including principal, interest, taxes, and insurance—was $2,250.

Two units were covered completely.
The third? It paid their groceries, gas, and utilities.

In other words, they lived for free.

Building Equity and Stability

As the months went on, Miguel and Rosa realized just how powerful the FHA 203k loan had been. They had transformed an aging four-unit property into a modern, income-generating home. The property’s after-improved appraisal came in nearly $100,000 higher than their all-in cost, giving them instant equity.

“It was like we unlocked a cheat code for homeownership,” Rosa said, laughing. “We didn’t just buy a house—we bought an investment.”

Each rent check reinforced that decision. With their tenants covering the mortgage, they began saving for their children’s college fund, investing in small home improvements, and even planning their next property purchase.

They were no longer renters - they were real estate investors, living proof of the FHA 203k program’s potential.

The Neighborhood Impact

The Hernandez’s success didn’t just change their family—it lifted the whole block. Their renovation improved property values in the area and inspired others in Concord, NC, to consider renovation loans. Neighbors often stopped by to compliment the transformation.

“Before you moved in, that building was an eyesore,” said one neighbor. “Now it’s the nicest place on the street.”

And because the property was owner-occupied, the family took pride in maintaining it. The garden bloomed each spring, the parking lot was freshly paved, and every unit felt like part of a small, connected community.

Why FHA 203k Was the Perfect Fit

For first-time buyers like the Hernandez family, traditional mortgages often fall short when the property needs repairs. That’s where the FHA 203k renovation loan shines. It allows borrowers to finance both the purchase and rehabilitation costs into a single mortgage, with a down payment as low as 3.5%.

Benefits of the FHA 203k loan include:

• One loan, one closing, one payment

• Financing for both purchase and renovation

• Low down payment requirement

• Based on after-improved value

• Available for 1–4 unit properties (owner-occupied)

• Ability to build equity quickly

For Miguel and Rosa, it turned a run-down property into a family empire—without the need for massive savings or perfect credit.

A Lesson in Smart Homeownership

The Hernandez story is more than a success—it’s a roadmap for other families in Concord, NC, and beyond who want to turn homeownership into financial freedom.

Miguel likes to share his advice with coworkers and friends who rent:
“Don’t just buy where you live—buy something that pays you back. The FHA 203k loan made that possible for us. Now, our tenants help pay the mortgage, and we’re building wealth every month.”

Their story has since been featured in a local newsletter highlighting creative real estate strategies in Cabarrus County. It’s become a shining example of how renovation loans can transform not just properties—but lives.

The Future: From Four Units to Financial Independence

Today, Miguel and Rosa still live in Unit A, and their tenants have become more like family than renters. They host summer cookouts in the shared courtyard, plant a community garden, and celebrate birthdays together.

But they’re already thinking ahead.

Their next goal? To purchase another small multi-unit property nearby - perhaps a triplex in Kannapolis or Harrisburg—using the equity from their first investment as a down payment.

“The first one was the hardest,” Rosa said. “We didn’t know if it would work. But now we see what’s possible. We’re not just homeowners—we’re building something for our kids.”

Why Concord, NC Is Perfect for the FHA 203k Strategy

Concord, North Carolina has become a prime market for renovation and investment due to its blend of historic homes, growing job opportunities, and family-friendly atmosphere. From downtown Concord’s historic districts to the new developments near Highway 49 and I-85, there’s a steady demand for updated, affordable rental housing.

That means properties like the Hernandez family’s four-unit home are in constant demand. With local employers like Atrium Health, Charlotte Motor Speedway, and Amazon’s distribution center, rental occupancy remains strong—and home values continue to rise.

For smart investors using the FHA 203k loan program, Concord, NC, offers a unique balance of affordability and opportunity.

The Moral of the Story

The Hernandez family’s journey shows that homeownership isn’t just about where you live—it’s about how you live. With creativity, discipline, and the right loan program, one property can provide financial security, equity growth, and a sense of community connection.

Thanks to the FHA 203k renovation loan, Miguel and Rosa turned a dream into reality—living rent-free while building wealth for their children’s future.

“Every month,” Miguel said, “I watch the rent come in, and I realize - we’re not working for our house anymore. Our house is working for us.”

Call to Action:
Ready to turn your dream into a self-sustaining investment? Whether you want to buy a duplex, triplex, or fourplex, the FHA 203k loan can make it possible.

📞 Call the Mike Young 203k Team today at 877-207-6565 or visit www.203konline.com to learn how you can buy, renovate, and live mortgage-free in Concord, NC - just like the Hernandez family.