What's up people- Looking for any and all advice on getting into a smart investment with my current situation. Currently, I own/live in a mortgage free, 1/1 condo in Little Italy. Base monthly expenses include HOA ($750) and taxes ($266).
My goal is to get into either a MF or SF with ADU that I can house hack. I prefer the idea of renting out units instead of bedrooms but I am willing to make any sacrifices necessary in the short term.
I feel that holding onto the condo, utilizing a home equity loan, and renting the unit out to cover the loan, HOA, taxes, etc. is my ideal play. Comps in the area for my unit are anywhere from $350-$400k, and should get me a monthly rent of roughly $2000-$2100.
My purpose for the post is to obtain any possible strategies I haven't taken into account- Would selling be a smarter strategy and why?
I'm looking forward to joining the community here on BP and appreciate all the input in advance-
