Househacking through First Time HomeBuyer Program

[Byron Bailey]

Good morning, All:

I have been on the sidelines, learning from all of you and have decided to pull the trigger on buying my first home. I did not go the hardcore investor route. Rather, I plan on buying a home on a program, live in it for a year, then repeat the process.

I have several questions regarding this strategy. First I will provide the numbers:

I am in Dallas, Texas. I am purchasing a 2019 new build in a developing part of town (Near the State Fair of Texas/Fair Park) for $155K. It appraised at $155K. It is a 3 bed/2 bath/1 car garage w/ 1180 sq ft. The program I used allowed for me to buy the home for $0 down and No PMI on the property, since it is in a low income area. Total cost to close will be around $4000. I believe I should be able to get at 1200-1400 in next year when I move.

Questions:

1. Do you think this is a good plan?

2. What are the key metrics/formulas you used to answer #1?

3. Do you think I should AirBnB it out or find roommates in my first year?

4. Does anyone know of anyway I could potentially buy another home within this first year to expedite the exponential potential?

5. If you have any other comments, suggestions, or any other advice to give a newbie, please share!