All Forum Posts by: Brandon Constantine

The goal is to keep it for at least 5 years. If I rent out the 2BR at a roughly $1400 and get $1200 for the 1BR, I would only have to cover about $500 for the mortgage 

The area is in Philadelphia. My thought process was that I am currently paying about 26% in taxes and this would help offset with write offs. Also, I am currently paying $1445 to rent therefore if I could rent out the other two units at the low end of $2200, I would only be paying around $900 and would have equity in this property.

Good morning all,

Single 30year old male who has a good job and has been renting for the last 4 years. I finally decided it would be wise to purchase a multi family home and house hack. Below is the current property what I am looking at. I would appreciate any insight.

Triplexes a hot area

Purchase price -$570k

Taxes - $7500

Insurance- $4200

30 year conventional equates to $3115 per month with 25% down

Two units are 2br/2ba

One unit is 1br/1ba

I am planning on living in one of the 2br units

The 1 br unit is currently occupied with a tenant that is far below market value at $900 per month

I currently pay $1445 in rent

Rentometer is telling me the median rent for a 2 br is around $1500 and a 1 br is around $1350.

The 2br units have been recently renovated. 1 br is older style however in good condition. 

Thoughts on househacking when the cost of a property is this high? Thanks in advance!

Good morning all,

I'm in my late 20's, have a good steady job. Currently renting in the philly area. With what I pay in taxes, I have come to the conclusion it would be wise to purchase something. My thought is to purchase either a duplex or a triplex and live in one unit while renting out the others. I'm looking at properties that are mostly turnkey as I don't want to have to repair/worry about maintenance issues. This would be my first home purchase. Has anyone had any success with this? Also, I'm not sure if I would want to pursue an FHA loan or put down the normal 20%. What would be the pros/cons?

Thank you in advance!