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Updated about 5 years ago,
New Investor - FHA & Cashflow
Hi there! I'm a new investor from NYC looking to invest in New Jersey. My husband and I have started the process of looking at properties and analyzing, making sure the numbers work. Our goal is to house-hack our first property by using an FHA loan, but when we are analyzing a property, we always seem to find ourselves faced with negative cash flow.
I think that's expected when one plans on using an FHA loan, but to make up the difference and get on the path of "living for free", I plan to Airbnb another part of the house like the basement. My husband thinks that we should keep on looking for a deal that will allow us to have a positive cash flow or at least something that will put us in the low negative hundreds.
My question is, does either scenario seem realistic? Also, if anyone is currently investing in New Jersey, what are some areas that you think will cash flow? All thoughts are welcome!