Austin is a very challenging market for cash flow at a traditional 25% down payment.

The condo had an electrical fire about a year ago and the owner has been making mortgage payments and rent at their new place during that time.

I secured financing for my first property through a conventional 30-year fixed-rate loan, securing a favorable interest rate for stable and predictable long-term payments.

So I did what everyone said not to do and used every dollar I had on my down payment lol.

I was completely wrong about being able to live with other tenants in the city and am really embarrassed and devastated with this situation.I got a lower down payment loan (10%) and good rate for this property with the intention of me living in it but I already know I can’t and am honestly panicking in tears.

Sales price: $900,000Seller finance: $400,000 / 2 year ballon / 7% interest rate / interest only monthly payment: $2,333 / no pre-payment feeEstimated monthly income: $9,300 / Annual: $111,600Electric separated - water $450 per monthProperty taxes: $16,700 (with property value assessed)Property Insurance: $6,300Renovation Repairs $150,000I anticipate the Re-fi appraisal to come in at a conservative $1,150,000. 

Projects can be done 25% faster, loans exited sooner, less loan payments.

Also don’t forget that more than $700 of your mortgage payment is going towards principle.

My payment processing fees are pretty much going to equal the 3% airbnb fee.

The biggest benefit of the house hack is defensive and to save money by having low housing payments.