My numbers work if I don't live in my investment, but not if I do... Is it worth it?
I am looking to buy my first property and I found one that I am interested in. I'll have to owner occupy this property and house hack in order to get the financing I need to get my feet wet.
When I run the numbers fully rented, without me living there, it cashflows over $200 per door per month. If I was to live there, I would be eating about $583 dollars a month (based on the percentages of one's unit income).
Each unit can rent out for $1400 and my expenses are only $1983 a month (this goes up with a $2800 a month income because the calculator bases its results as a percentage of the rental income at $2800 a month it estimates expenses to be $2,346. It seems like If I was living there expenses would be the same whether I'm renting both units or one. Does anyone have a more reliable way to calculate this?) but that includes vacancy rates, Cap Ex, Insurance, P&I, $50 Misc, Repairs costs, Trash, Taxes and Management fees. I would be self managing to start. So that is another $115/224 I would save in the mean time depending on the amount of rental income I input.
My question is, is this still worth it for my first live in deal? I can get more into the numbers if someone is interested in helping me analyze this further.
Thanks in advance for your input!