Large House Hack Purchase
Hello,
Looking to purchase my second house hack, but I’m a bit nervous about the large purchase.
The property is a fully renovated 3/2 that has two fully renovated studio apartments with garages for each directly below (Carriage houses). The whole property was remodeled and the quality is top notch. It’s also right next to LSU in a very nice area that will continue to appreciate.
The listing price is 449k, which is a 20k drop from what they originally had it at.
I would look to purchase, live in one of the studios, rent out the second studio traditionally, and AirBNB the main 3/2 unit. I figure I could generate more than enough to cover the mortgage and expenses.
This will be my 3rd house and would take me to close to 800k in mortgages. My other two properties cashflow 1500 after all expenses. The addition of this one should add 1500 more for a total of ~3k in additional income and I’d be living for free.
I’m guess I’m just nervous taking on soooo much debt. I’ve ran all the worse case scenarios and feel like I’d be good with reserves if everything hit the fan.
How do you guys come to terms with so much debt?