My Financial State After Moving to my First House Hack

[Darren Bloomfield]

I am looking for some support as I've been feeling a-little antsy lately and some what detached. I've caught a bug... the real estate investing bug that is. I closed on my duplex end of September 2022 with a 3.5% down FHA loan in fast appreciating Logan Sq/ Avondale area. . It took me around a month to rehab and I signed my annual term tenant Nov 2022. The property is two units of 2 bed/ 1 bath's. I am living in the top unit and am renting the other unit for $2,100/ mo. My mortgage (PMI/ taxes/ insurance) is $3,412/mo & a water bill of $218/mo. So essential I am paying $1,530/mo in "rent" to myself. When I move out, I think I'm on track to get at least $1,750/mo (and even more cash flow once I hit 20% and I refinance out of my PMI).

SO WHAT'S THE PROBLEM? 

What do I do next? The obvious answer is to scale. As I said, I've caught the bug. I have time, but now I no longer have liquid capital. I don't have enough "lendable equity" in my property for a HELCO. What do I have? Time, drive, and knowledge. I think one of the most important muscles for a new real estate investor to develop is the ability to ask the right questions. The right questions usual are the ones that you don't have the answer to right away. They are the ones that stir in your brain until you find the answer. 

The main questions that have been on my mind is "where will my next property be?" and "How will I afford it?"

If anyone is looking for an operator to find/ manage a deal, I'm looking for a money partner to team up with in Chicago. I am interesting in a cash flow/ equity split. I have relationships with inspectors/ general contractors/ lawyers/ accountants/ mortgage lenders and most importantly an investor friendly agent! Help me, help you.