First Time Home Buyer

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House Hacking a Condo?

Posted Jun 10 2022, 22:46

Hey everyone, great news, I'm in the market to buy my first home! The bad news is that Orange County is insanely expensive, which is why I want to house hack. However, there's not that many multi unit buildings that can cash flow and they all cost 700k or more. Then I realized that I might be able to house hack a condo. The one I am looking at right now is about 530k and is 3 bedrooms 2 bathrooms. I then researched how much I could get renting out each room per month, which turned out to be $1,250 per room per month. Keep in mind that the cost of living in it on my own would be somewhere between $3,700 and $4,000 per month with a 20% down payment. That works out to me only paying $1,200 to $1,500 per month to live here in SoCal. That excludes, write offs, paying off the loan, having a HELOC to invest in other properties, and being able to avoid rising rents at the same time (For example, anywhere between $2,400 and $3,000 per month for a 2 bedroom apartment). Overall, I think house hacking this condo is possible, what do you guys think?

Orange County, California

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