Successful House Hack but What Now?
House Hack Breakdown (First Deal)
Type: SFH 2200 sqft
Bed/Bath: 4/2
Purchase Price: 337k with VA Loan
Out of Pocket Costs: 24k (downpayment, closing costs and minor cosmetic updates before renting out rooms)
PITI: $1750
PMI: $0 with VA
WSG: Variable
Electricity: Variable
Rents: $2050
On
average the cash flow is between -$50 and $100 a month. Not great but I
have significantly reduced my living expenses. I used to pay $1100 in
rent and now I've only come out of pocket during the winter months when
the heat is on.
What I would have done differently was saved a
bit more for a down payment if given the time. In my case, I was
transferring from a different area and had little advance. Overall I am
pleased with what I found as this Washington market is pretty expensive,
every other 4 bedroom was $40-60k more expensive so this was a great
find.
What's Next?
My goal is to achieve financial freedom through real estate investing specifically through Buy & Hold. I had only just learned about the power of real estate before purchasing the property above. I have read countless books on the topic but I seem to be suffering from analysis paralysis. I'm having a tough time deciding what move to make next now that I've used over half my savings purchasing this one property.
In search of advice.
Thanks in advance.