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Updated almost 6 years ago on . Most recent reply

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20
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4
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Kenneth Peagler
  • Rental Property Investor
  • Pittsburgh, PA
4
Votes |
20
Posts

Should I focus on "house hacking"?

Kenneth Peagler
  • Rental Property Investor
  • Pittsburgh, PA
Posted

So, I inherited a property in a prime neighborhood in Pittsburgh. The amount that was paid was next to nothing and is worth 6-7 times what was paid for it. I find that dealing with a single house is a bit of a headache but I was thinking - maybe it would be more beneficial to focus on selling and opting for a 4 unit which has more doors and through an FHA, I can control higher value real estate and walk away with cash. I'm torn between selling or just keeping. My goal is to not stay in that city long term Any perspective is always appreciated. Thanks in advance.

Most Popular Reply

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1,193
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586
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Nick Giulioni
  • Rental Property Investor
  • Carmel, IN
586
Votes |
1,193
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Nick Giulioni
  • Rental Property Investor
  • Carmel, IN
Replied

Based on what you are saying, you have a TON of equity locked up. Return on equity is non-existent. I'd either:

1) Sell and purchase another house hack or something bigger.

2) Take out a mortgage on the first home in order to get the downpayment for number 2.

  • Nick Giulioni
  • Loading replies...