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Updated over 7 years ago, 04/05/2017

User Stats

44
Posts
7
Votes
Gabriel P.
  • Accountant
  • West Melbourne, FL
7
Votes |
44
Posts

House hacking attempt

Gabriel P.
  • Accountant
  • West Melbourne, FL
Posted
Hello again everybody! I am going to check out a duplex in Orange County tomorrow and I want to know a good way to structure the entry into this property. My goal is to use fha financing and house hack this place. The owner is looking for 169,000. He is moving and wants to reinvest the proceeds In another property, not yet identified, using a 1031 exchange. One unit is a 2/1 and the other is a 1/1. The 2 bed unit rents from 720-850 and the 1 bed unit ranges from 640-775. The two bed room rents month to month and the single bed unit is on a 6 month lease until sept. My lease ends in June. the seller has another offer but is looking for cash sooner rather than later for his anticipated reinvestment. I'm thinking if he wants the cash sooner I can get the price down. What is a fair/good way to assess closing costs? Taxes are approx 2,500. I believe current rents are 750 and 650. I welcome all feedback. Thank you!

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