FIRST TIME Investment House Hacking a Duplex
Hello, just sharing my first experience buying real estate. Me and my girlfriend have been looking to buy a property and house hack for almost 2 years but the Las Vegas market has been complicated. We finally found a duplex that seems to work for us. Here are the numbers on it. Not the best deal but we wanted to get in the game. The purchase price is $335k and we are using an FHA loan 3.5% down. In total closing costs we paid $14k. The property needs some TLC so we estimate $15k in total repairs. The rents are currently bringing in $1k/month each unit but after repairs we are going to increase rent $100-200. I'm motivated and look forward to keep investing... Any thoughts?
Most Popular Reply
The first time is scary. You're never sure if you are getting a "good deal". Just remember, over the long term you are getting someone to pay off your loan for you. With rent increases and the paydown, you will be good in the long term.
Best wishes,
SD