Updated almost 3 years ago on . Most recent reply
Is McAllen TX a good area to do house hacking?
Starting to look outside of NC for new areas since I do enjoy traveling. Stumbled McAllen Texas although I am not familiar with the area and am hoping to gain insight from others here. Looking to house hack but want to make sure I am taking the proper steps before I move forward. Thanks in advance!
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Congrats Ace! Always good to bounce ideas off locals and others that invest in the area.
This may apply to most areas, but in a nutshell, yes if the numbers work.
As of late, prices have become inflated for rental properties. 3 years ago, a used yet maintained 4plex was in the 250 to 300k range. These days, same 4plex is in the 350k to 450k range, up to 500k for new 4plexes. It just depends on what you are looking for. You may be able to find off market deals or the right deal by actively searching. I haven't seen a ton to fit the 3.5% down and live in one unit scenario. Some things have changed on the lending end so it's proving difficult in my opinion. Higher down payment and an offer could work, unless you intend to do a single family and rent part of the home.
Hope this helps! If you want to chat more, feel free to reach out.
This may apply to most areas, but in a nutshell, yes if the numbers work.
As of late, prices have become inflated for rental properties. 3 years ago, a used yet maintained 4plex was in the 250 to 300k range. These days, same 4plex is in the 350k to 450k range, up to 500k for new 4plexes. It just depends on what you are looking for. You may be able to find off market deals or the right deal by actively searching. I haven't seen a ton to fit the 3.5% down and live in one unit scenario. Some things have changed on the lending end so it's proving difficult in my opinion. Higher down payment and an offer could work, unless you intend to do a single family and rent part of the home.
Hope this helps! If you want to chat more, feel free to reach out.