Analyze a House Hack

[Marcus Tribble]

Good afternoon, 

I’m looking for my first deal to be a house hack. I’ll be using a Conventional loan 3.5/5% down. What’s the best way to analyze a house hack deal? What number(s) should I be looking at first in both a duplex and single family home option if it differs. I am in south Florida, duplex are ranging from roughly 300-500k+ depending on the area.

[Rick Albert]

You have to look at what your goals are. I don't know the S. Florida market so I don't know if living for free is practical given the low down payment. I would look at the total cost of ownership and go from there. In both of my house hacks, the goal was to break even on my hard costs knowing that at some point the PMI is going away and in Los Angeles we can have good appreciation.