All Forum Posts by: Kunal Bijlani

I deeply apologize for my late reply. And thank you for running the numbers for me. 

Although house hacking is a great idea, a multi family unit in my area is around $750k. Even a 3% down would mean 22.5k, which, like I mentioned earlier, I do not currently have. 

Also, I cannot have other people live in the same house as me for personal reasons. 

I was just looking for ideas to get around the downpayment. 

Estimated Property Value: $235,000
Amount I have saved till now: $3000
Average rent for similar properties on the same street: $2200/mo

Approx mortgage: $900/mo

Property Tax: $ 450/mo

Approx Insurance: $90/mo

HOA: $38/mo

Vacancy: $220/mo

Repairs: Approx $100/mo

The property is recently renovated and ready to be rented.

This is what I could come up with till now

I live in Houston, and came across a house on my street with a for sale sign outside it. I did some online research and it is turning out to be a very good deal, and it also follows the 1% rule. If negotiated properly, it may even get 1.5%. However, I just started my job in October after completing my Masters and was focusing on paying my debts, which I am still doing. I only have about 2% of the value of the property saved. But I don't want to miss out on this deal. Is there any way I can buy this as a rental property? If bought, this would be my first. I am 24 years old and really want to start out early in real estate investing. Any advice is welcome!

I am not preferring it as a primary residence since I may not have enough money to buy furniture and other stuff.