[Calc Review] Help me analyze this deal
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I am currently looking for my first house hack property. Living with the parents is no longer an option. I have just returned from deployment and, I am using my VA loan for the purchase. The owner is selling the entire complex but, they are willing to sell each building for 164,900 each. It is 2 miles from one of the colleges around here so I feel like the renting out portion won't be as hard as other house hacks. Thank you for your time and, I look forward to your feedback!
Most Popular Reply
I think the way I would do this is by combining 10% repairs and 8% capex into 15%. I would do as many repairs as I possibly can since I would be living there and build up a cash reserve. You didn't say but assuming the units have 2 br I would hack my unit and rent 1 br to a student from the nearby college. Then I would learn how you can take over property management myself, again since especially I would be living there. You should have a lot of cash released from operating costs.
After 12 months I would be looking into buying another place with another VA loan.