How Can I Escape my High Cost Situation & Invest More

[Thomas O'Donnell]

I would like to run something by you guys and ask for some advice. I am currently house-hacking a duplex in Columbus, OH and I think it is actually setting me back. I used a 0% down loan, 7.5% interest rate and have a total payment of $2,500/mo. However during the winter I had to lower rent for the other unit to $1,195 (water included). Because of my monthly payment and what I am actually bringing in from the other unit, I am putting $1,750 towards the mortgage each month (my share of rent along with expense/vacancy/maintenance budgeting). This is WAY too much for me personally and I can't really save a dime towards future investments. I was hoping to eventually refinance into a better rate like the mid 5's but this has been impossible recently. Each of the two units should be going for $1350-1450/mo. 

My goal originally was to house-hack this for a little, then move out and try to house-hack something with more favorable numbers where I could save a lot more (only have to pay around $800-1,000/mo). Because my portion of the payment has been so high, I have not been able to save at all. I really wanted to expand my portfolio this year and add my second property but it is looking impossible and I am almost becoming discouraged. I do not have connections for private money or partnerships and I have been stressed out about what options there are for me to better my situation. I would love some advice/recommendations on what I can/should do in order to lower my living expenses and be able to put money towards a second property. If you have any questions, please ask and I will share more info! Thank you in advance.