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

Deal or no deal? House hack

Adam Melon
  • Rental Property Investor
  • NY
Posted Nov 30 2020, 18:01

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.

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