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Updated over 5 years ago,

Account Closed
5
Votes |
44
Posts

Real estate pros is my strategy flawed? 2 yrs and nothing

Account Closed
Posted

I have around 65k now and 0 debt to buy a property to house hack. My location currently North NJ prices here are too high and taxes makes this state worthless to me.

I was thinking Philadelphia since its near by and a major city.

Plan was to buy a duplex and house hack it by living in one of the units bed rooms, rent out the other bedroom in the unit on airbnb and rent out the other unit traditional.

Was to use 20k to rehab the property than cash out after 1yr.

Unfortunately ive done many hours of research and have not found anything were the numbers work out.

Should i revise my plan? Buy a decent duplex turn key and if it works out to near 300 a month be happy with that?

2 years and im impatient now. Not interested in single families properties as i feel duplex is the way to go. Im interested in C class areas and better.

I was also thinking invest out of state but would rather live in the property i buy. Any suggestions on strategy, plan, method?

Im using 7% vacancy, 10% pm, 8% repairs 8% capex hoping for $150 per unit

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