Buying from wholesaler, rehab, rent rooms, refinace

[Andres Ayala]

Hello all,

This would be my first flip/first time investing. I live in Austin, TX and wanted to house hack to try to have most of my mortgage covered while living in a house. The market is very competitive, rising and expensive. I realized in order to make house hacking a possibility this would be my best bet to make the numbers work.

Buying a property from a wholesaler, rehabbing the property, and rent out some of the rooms. Or same with a duplex, rent one side and live on the other.

I am looking for some advice from the community, if this is a good idea or am I getting myself into a tough situation?

I also was wondering, after I complete the rehab and hopefully refinance the home, I pay the hard money lender back for the initial loan and get a fixed mortgage for 30 years. Is there any way I could calculate the mortgage after the rehab, does having equity in the property bring down the mortgage? I would also like to plan for vacancies and if I decide after a while to live there myself full time or rent the property entirely and do it all over again.

Any advice would be greatly appreciated! I do have some estimates on the prices I would like to get!

Estimated house purchase price: $240,000-$260,000

Estimated rehab: $30,000-$40,000

Estimated ARV: $340,000-$370,000

Thanks again!