Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago, 11/14/2016

User Stats

8
Posts
1
Votes
Gregory Lamarre
  • Real Estate Agent
  • Miami, FL
1
Votes |
8
Posts

House Hacking

Gregory Lamarre
  • Real Estate Agent
  • Miami, FL
Posted

I live in sunny (and expensive) Miami, Florida. I have a relatively well paying and steady job, and a credit score on the better side of 760. I've owned a comfy 2 bedroom condo for the last six years but I've been toying with the idea of moving into a single home and rent out my current condo. Researching the market I calculated my current condo has roughly between 25-35k in equity, and that's being conservative. 

I can easily clear about $400 monthly in gross income. My girlfriend of 6 years is in on a different strategy I just decided on. I've decided to instead purchase a duplex or triplex, move into one of the units while renting the other(s), and while again renting out my condo. We could potentially live for free while socking away a majority of both of our incomes in order to afford a far better home. 

However the multifamily market here in South Florida can get expensive. The average tag price on  2/2 duplexes in a decent part of town is easily in the upwards of $380k.

Questions: what strategy can we use to carry out this venture? Can anyone recommend a creative financing firm or individual who can help guide me through this? 

Thanks 

Loading replies...