All Forum Posts by: Bryan Vincent

I was wondering if anyone has done this. I'm looking to house hack and the duplexes in the smyrna area are few and far between. I was wondering if anyone had any luck with doing this and have any tips. there's so many ranches with basements big enough to have another unit so I wonder if anyone in the metro atlanta area has done this successfully 

Hi everyone.

I'm looking for a duplex in the smyrna metro atlanta area and I saw one listed for almost 250k. From my analysis, I think that rents can go for maybe 1200 to maybe 1300$/mo per unit with renovations to make it look like the many new apartments in the area.The neighborhood that it's in is only charging between 950-1000(without renovations). With the financing that I have , I would be charge over 1500/ month when the reassessed taxes hit from buying at that price. The thing that puzzles me is that there are people who bought for over that price last year. Do we still have a lot of room left to grow as far as rents or are people just overpaying at this point? I'd like to house hack a duplex in the area but I'm worried I might not have an exit strategy without having negative cash flow.

@Aaron K. I would love to pay that much. Maybe I'm saying something wrong to them. Can you run me through how you'll get a quote and ask for the insurance?

@Aaron K. It's in metro Atlanta. No fear of any major disasters so I wonder how could it be so high

@Pat L. The replacement value is only 300k. I must be saying something wrong to them because they always tell me how complicated a duplex is but I'm thinking this still just be way too steep

@Aaron K. I just realized I wrote per month. I mean 2000 per year

I called a couple of places to get an idea on how much insurance would cost me for duplex I planned on buying and they quoted me at 2k a month. I initially thought it would be around 800-1200 but I was shocked to see that its double the price. Has anyone else experienced this?

@Chris Mason I think you also have to Consider that prices were also a lot cheaper which offset the monthly payment. I was just looking at a house that is currently 200k.

With interest rates at 4.75% , the mortgage payment by itself is about (not including taxes/insurance)

[email protected]% 1043$

The house was last sold for 156k in 2003

Interest rates at the time we're about 6%

Mortgage alone (not counting taxes and insurance which I'm sure was also lower)

156k@6% 935$

So even though the interest rates are historically really low, I think the high home prices makes it more expensive

Even if you went up to 7%, the payments are still cheaper at

156k@7% 1037$

Figures are from whatsmypayment.com

@Ashley Hamilton where did you find the funding to make the renovations?

@Paul Choi how do you come up with the funds to get a 16 unit? Id like to get an idea of cost to get a deal like that. Also how hard was it for you to find a 16 unit deal?