Purchasing a Sing

[Youngwoon Han]

Hi, 

I am looking to buy a SFH in Columbus, OH. Duplex is still a possibility but with the amount of the loan (250K) I got, the non-SFH option is a little limited. It will be my primary residence for the next couple of years but will eventually turn into a rental (House hacking if I can buy a multi-family unit).

With 250k, I can still get a decent SFH (3-bed & 1/1.5-bath) in a so-called up-and-coming area in Columbus. The only concern for me is that none of these would cash flow positively after factoring in all the items (vacancies, cap-ex, repair, etc.). I am willing to do some longer-term buy and hold and ride the appreciation. I suppose I can expect some level of appreciation considering the housing market in Columbus and the areas that I am looking at (Franklinton, King-Lincoln Bronzeville, Marion Village, etc.), but I can't really put a hard number on that. So my question is, considering the environment and my situation, how should I determine whether a property would be a decent deal?

Thanks

[Samuel Diouf]

I think if you're house hacking, as long as you can get your monthly payment to break even or just be lower than your rent, it's a great deal. Especially if it's your first investment. Don't expect to get that home run right off the bat. Investing takes experience and house-hacking is a great way to get started and get a good feel on how everything works. As to making sure the deal makes sense, I would be happy to take a look at some of thee deals that you have been analyzing.