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Updated about 3 years ago,
House Hacking in MA - stuck in analysis paralysis
Hey There! Got approved for an FHA loan here in Massachusetts and looking to house hack my way into my first deal but am having some real trouble finding any properties that meet the 1-2% and 50% rule and find myself stuck in analysis paralysis and not able to bring myself to put in any offers yet!
Any advice from investors working in areas like MA where home prices are super high?
If house hacking is it safe to say to focus on the second calculation which would be after we move out and are renting all units?
Current Numbers for year 2 after move out on a property I am interested in:
purchase price $570,000
both units 4beds 2 baths - 1 is currently renting for $2000 - 2nd unit after some minor touch ups would rent for $2500. Leaving us with $4500 in income potentially more if we re rent 1st unit for $2500 as well
Mortgage, taxes & ins would be right around $3600