Updated over 6 years ago on . Most recent reply
Potential house hacking deal
Hello all, first time poster here. I've dreamed of purchasing a 2-4 family house since I was in high school. I am now 22 years old and found myself an opportunity where I live in Massachusetts. I wanted to put the numbers out there to get any feed back from investors more experienced than me. The house is in Peabody Massachusetts and the deal after some negotiation has came down to $645k. It's a very striking number but I believe with the rent potential in my area it could work out. I would need to do some renovations and have the house delivered vacant so I want to keep as much capital in my pocket as possible, which is why I plan on only putting 3.5% down to cover my *** if I can't get tenants in quickly, or if my renovation budget doesn't work for one of the units. The comparable rents are 1850-2150 for the first floor, 1850-2150 for the second floor, and 1600-1800 on the third floor. The property is a 3 bed 3 bed 2 bed. It is not listed on the MLS because my realtor has a connection with someone and the deal is off market. I would live on the third floor and once two units are rented out it would leave my mortgage to around 200-400 dollars a month plus other expenses. If you have any questions about the deal or any tips or red flags please let me know! Thank you for reading!