Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
House Hacking
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago, 06/27/2023

User Stats

60
Posts
10
Votes
Eric Samuels
  • Investor
  • Philadelphia, PA
10
Votes |
60
Posts

Less than ideal first house hack. Next steps?

Eric Samuels
  • Investor
  • Philadelphia, PA
Posted

So I locked in my first house hack last September and it could have been much better. It's an old duplex (1875) in a decent B neighborhood. 1 bed 1 bath in one unit and a 2 bed + flex space (laundry/storage which could upgraded to full br). I got it for $391,500 on an FHA loan 5% down with an $8k credit. Mortgage is $2928. 1br unit can rent for $1200 after fixing a few things and the 2 br should rent for $1800. I appealed my taxes paid upon closing since the assessed value was $500k and it appraised for close to the purchase price. After appeal my monthly mortgage should drop $160/month but I have no idea when that will go through. There have also been a **** ton of expected and unexpected issues with the house so I really need to increase my reserve to further protect myself.

I still want to continue investing but my current funds are nowhere near where they need to be to consider using my own money to get into the second property. Was thinking of wholesaling to earn the capital to get into my second deal but am aware that takes a lot of time on top of the time i’m spending managing/improving the property and my full time job but I really want to put myself in a position to purchase another duplex next year or end of this year. Does anyone have any thoughts on how I should get into the next house hack?

Loading replies...