Updated over 5 years ago on . Most recent reply
Beginner Questions- Jacksonville, NC
Hey all, I have been following for a while and am finally in a position to dip my toes in. I'm getting stationed in Jacksonville, NC and want to get into house hacking. Very limited multi-family deals, so I've been looking at single family properties. I'm confident I can make house hacking work while I'm there and renting by the room, however when I start to look at renting as one unit I'm hard pressed to find anything with positive cash flow.
With VA loan benefits and current interest rates, I feel like I have a good opportunity, but rent in the area seems pretty low and inflexible. I'm seeing lots of 180-200,000 properties renting for 12-1300 and 140,000 area going around 900-1000.
Am I looking at something wrong? Is this just not the market to get into? I would hate to waste the opportunity of the next 3 years or so, but I would hate more to get into a bad situation right out of the gates.
Most Popular Reply
@Marshall Brown Welcome to Jacksonville and the next adventure!
As Tyler said, you may not need to worry about cash flow, as cutting out rent would essentially equate to a form of cash flow since you won’t be spending money on rent. In addition, depending on how you charge your tenants, you’ll be saving on utilities as well. At the same time, you’ll be building equity in the property that you buy using other people’s money. Wins all around!
As for finding a multi family property, they’re awesome to have, but don’t miss out on a great opportunity with a single family property if that’s all you can find.
Happy to chat if you have any more questions. Just DM me.
Cheers! 🥳