All Forum Posts by: Dominic Punzo

@Kyle Owen

Hey Kyle

House hacking is definitely a great way to start. It's how I got into it 3 years ago. And as agent I can tell you that the deals are very much still out there. I Currently have a client setting up something similar. As it's already been stated by everyone above, specially some of the great points Paul made. The 203k loans can be tricky at the best of times and right now it can be difficult getting a seller to accept a traditional FHA offer. That's not me saying it can't be done It just may take some time to find the right property for you. Best of luck to you and any questions you might have for someone whose been there, feel free to reach out and message me.

@Andrew Bowden welcome to BiggerPockets!

Tyler Libby yes with both units rented out I will be cash positive and yes my 600 does count insurance and taxes. I figured if one side covered the mortgage that it was a good number but wasn't sure.

Travis Dawson I definitely don't plan on staying there forever and my 600 counts the taxes and insurance but I did not think about garbage and water and will have to add that in. Running the numbers with the other side counted would put me at 1100-1200 monthly. We hope to be able to move out within a year and a half to 2 years and do the same thing again under my fiancé.

So my fiancé and I are currently looking into house hacking our first duplex. Now I've run the numbers and my mortgage should come out to about $600 a month and the other side is currently rented out for $550. I think I can get that up to $600 bc market rents in that area are about 650-700. With this we plan on budgeting and saving $300 a month to put alway for expenses and vacancy. We are currently paying $900 a month where we are living so I know it will save us money but my question is does this seem like a good first deal for a house hack? It is hard for me to tell since most of the calculators will tell me I will lose money bc I'm not counting the second side and just wanted to get people's thoughts on all of this? Thank you in advance for everyone that replies and I apologize for the long comment.

It sounds mean but as a renter you have to understand that this is always a possibility, specially if you are renting on a month to month basis. If you don't what this as a possibility then you need to own where you live. I know not everyone can do that but it's not your responsibility to lose money so that they have a place to live.

Jason Little Thank you for your feed back. That is what I thought and was hoping to hear, since I am currently helping them out and paying a good portion of this and it is what I feel has been holding be back in a way from getting in deep to my investing. I knew it would definitely help long term and I know that all the payments have been made on time, even when things were tough we made sure that bill was always payed on time. I'm hoping if we do this it will be able to give me some breathing room and I can start ramping up my savings plan and get some properties. I've been listening to podcasts and and reading books and looking at deals but haven't felt strong enough to act on anything due to the worry of making sure my family is ok and has a place to live. Thanks to everyone on BP always giving great advice.

This question isn't actually for me. It's for my parents but if I can manage to help them out than it'll be of great help to me. So recently my parents came into some money. It's nothing crazy or life changing but it would be enough of a sum to pay down a really good portion of their mortgage. My questions is should they do this and if they do will there be any benefits or penalties to their mortgage and or monthly payment?

Thank you everyone for the amazing advice. I am definitely going to look into all of this and be sure of the outcomes. Also Joseph Scorese I'd love to attend one of you local networking events if you could send me the details that would be great. I have been to a couple local events and am currently looking for new ones to attend.

The property is currently listed as Rm1. I probably should have listed that in my original post.