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Updated over 4 years ago,
House hacking metrics
I'm under contract for my 3rd property, which I'll be househacking, using the ADU as an STR. Most the investors I talk to regularly are flippers so I feel like they have different metrics than what I can use house hacking. The properties I've gotten aren't so distressed because I have to be able to live in them, so they're closer to retail price. The property still could use about $35k in repairs. I'm holding the properties long term. I'm generating income from using part of the property as STR and/or roommates. I'm usng owner occupied financing. I'm still getting the hang of using BP calculators and spreadsheets. I think this new property could cash flow about $150/month, CoC return is about 9% and doesnt quite meet the 1% rule at 0.8%.
Is that good enough for holding/house hacking/STR? Even if the numbers are low, is the experience of doing another deal worth the hands on education? Any other house hackers out there want to commiserate with me? Thanks in advance for your input.