Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago on . Most recent reply

User Stats

30
Posts
19
Votes
Adam Melon
  • Rental Property Investor
  • NY
19
Votes |
30
Posts

Deal or no deal? House hack

Adam Melon
  • Rental Property Investor
  • NY
Posted

Deal facts:

1. Purchase price 925k on a triplex in Westchester County, NY

2. Rental income in other 2 units is $4360. I can probably bump it to even $4500 between both.

3. Basement can be converted into a 4th unit. Right now being used as storage and generating $825 per month along with 2 garage spaces.

4. 3rd garage space is generating $165 a month

5. Total rental income that is being inherited is $5350.

6. My intention is to convert washer and dryers to coin operated. Figure another $100 a month of income.

7. PITI is going to be roughly $5100. When the taxes get adjusted, roughly $5600.

8. Financing through a VA loan.

9. Other 2 units are turnkey. Unit im living in can use about 30k to match other 2 units.

10. The basement can be converted to a 4th unit. Would generate at least $1200 a month. When I move out in 2 years (always stay 2 for extra tax benefits) the unit i lived in will probably generate an additional $2300.

11. 3 units will eventually generate $7100. Basement $1200, and garages $500. Totaling $8800. With the PITI at $5600, and variable expenses roughly at $2200, looking at a future cashflow of $1000.

Any issues in my analysis? Comments? Should I go for it? Would be my 1st deal.

Loading replies...