HOUSE HACK DUPLEX ADU

[Gavin Pelkington]

Looking for Advice!

Current Situation: I currently own one single family rental property that cash flows roughly $500 a month. I am also in the middle of purchasing another single family property that was more of an equity play but if rates go down in the future I will then be able to cash flow on this property as well.  Both of these properties are in Fort Wayne, IN. 

I am now looking to move South and I am currently thinking Florida but I am not limiting myself to this market. I want my next property to be a house hack whether that be a duplex or ADU. Considering the finance aspect I want to make sure I am thinking through this clearly and not missing anything. With two current rental properties this would essentially offset my mortgage dept. In purchasing a duplex or property with an ADU the lender would also consider projected rental income from the other unit. If I finance as a primary residence I would not be required to put down 20%.

Any markets in particular I should be considering to achieve this?

What are the finance aspects that I am not considering? 

[Mario I Fernandez]

Hey Gavin,

In order to maximize your cash flow you could consider STR or MTR depending on where your properties are located.

Florida is a good destination since it is a growing market for both strategies.

Miami in particular is booming right now and if you have the opportunity to invest in this market I think cash flow won't be a problem.

Best Regards