House Hacking Strategies

[Vincent Pelletier]

Hello BP,

Looking for some advice.

I have been looking for a property to house hack as I need a residence but also want to invest. The area that I am buying in either has negative/low cashflowing properties or it is out of my price range. Searching for deals in multiple ways but keep ending up at the same roadblocks. Would it be wise to buy a property that is only going to have an ROI of 2-5% and cashflow of $100-300? Or would you wait until you could find a more opportune property. I don't want to purchase something because it is all that I can find, but I also don't expect to be hitting a home run on my first purchase(although that would be awesome).

I will give a short example of a property I analyzed today as it is about average for my area with rough estimates:

Single family home w/basement suite;

Cost - $389,900

Rent of main floor - $1600-1700

Rent of bsmt Suite- $1000

Mortgage - $1850