Updated 2 days ago on . Most recent reply
Future house hack
Hi everyone,
I want to move to Florida and have been looking at the North Port area and nearby cities. My goal is to house hack using an FHA loan with 3.5% down.
The duplexes I've been looking at typically rent for around $1,200 per unit, while the estimated mortgage payment, taxes, and insurance would be about $2,200 per month.
Am I looking in the wrong area, or is this fairly normal in today's market? Should I be factoring in future rent increases, or is it better to base my numbers only on current rents?
This would be my first house hack, so I'd appreciate any advice. Thanks!
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#1 Starting Out Contributor
- Accountant
- Chicago, IL
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#1 Starting Out Contributor
- Accountant
- Chicago, IL
What you're looking for in a house hack is decreasing current expenses and having the property cash flow upon moving out. It doesnt Seem like that property meets the second objective for sure because you're only factoring in PITI.
I would recommend looking into MTR, STR, or rent by the room to boost cash flow and run the analysis.
- Aaron Zimmerman
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