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Updated over 4 years ago, 08/14/2020
advice needed: is this the right plan ?
hello,
i wanted to get some advice and see if i am on the right track here. My overall goal is to house hack a duplex or triplex and cash flow 200 per unit at a 7 to 10% COCR
i have around 40k to 150k to work with, ideally would like to put down 3.5% FHA or 5% conventional. With rates being this low, actually saves a few hundred per month which will help cash flow.
i am in north jersey but am looking in Philly due to lower property taxes and affordable prices.
North jersey to me doesn't seem possible to create a cash flow of $200 per unit with the taxes and the amount the houses are price at the moment, for example, Passaic county or bergen.
my plan is to buy a duplex in a C plus area in Philly, house hacks it, and rent out/Airbnb one of the spare rooms in the unit I will live in while I live there for 1 year then move out to repeat the process. I would like to add value to the property as well but overall is the cocr is my main focus with cash flow.
with the funds, I have to invest, what would be my best bet to reach these goals and to achieve the end results needed? I should mention i also would like to do the bi-weekly mortgage payment strategy in order to pay off the property quicker.
have no debt, and live at home, any suggestions or tips would be greatly appreciated