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Updated over 4 years ago,
Starting out, Living arrangements
Here's a theoretical situation (that could likely happen to me in the next year or so):
I currently live in an apartment for 1325 a month which is a bit more than i would like to pay (although unavoidable due to the rapidness of me finding and starting my job). I would like to buy a duplex near where i currently live and house hack. I did some rough calculations of the numbers on the house and it turned out to be anywhere from 500-1100 in cashflow per month IF both units are rented out to tenants (the range of the numbers is due to VERY rough estimates).
More specifically:
Me living in a unit: Cash flow -600 to -700 (which just means i would be paying that much for my house payments, which is wonderful compared to the rent im paying now.
Both units rented out: 500-1100 in cashflow
My question is: Does anyone have any stories of them house hacking and needing to move somewhere quickly to rent out the unit that you are staying in to increase cashflow. I know it is always possible to get an apartment pretty quickly, but if im currently mentally exhausted by paying rent in exchange for nothing rather than paying mortgage in exchange for equity, how should i anticipate this issue and be better prepared for when something like this possibly happens. Worst case i would be commuting to work from 2 hours away, or inconveniencing my friends to live with them in their apartment for a couple of months to get my living arrangements straightened out.
Please let me know if you'd like me to explain something better! Thanks for your time.
-Julian