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Updated over 5 years ago on . Most recent reply
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What is a good out of pocket payment per month for house hack
My wife and I are planning on house hacking a duplex property. When it comes to covering the mortgage, the property would do just that. When we ran the numbers, the insurance, vacancy, repairs, property tax, and any other expenses run us approx $460 out of pocket. Would this be a good amount of money to pay out of pocket in a nice area, that is close to work. Realistically, we would stay in this house for a year, move out, and repeat the process. So that out of pocket expense would then bring in around $800 in profit. Is this worth it, or should we keep looking? The main concern is it took us 2 months to find a property with all the right criteria, so we do not know when the next opportunity will come up. Any advice would be super helpful!
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@Eric Piccione what do the numbers tell you.Run it as if you are not there. Does it cash flow taking into account vacancy,repairs,capex. Some high cost of living areas never cash flow and are appreciation plays. You can use a spreadsheet in the files section or use BP calculators for 5 times. Capex is the most underestimated expense beginning investors make. Until you post numbers it is WAG(wild a** guess).