Scaling Up from a house Hack

General Landlording & Rental Properties
7yFollow

Scaling Up from a house Hack

Aaron C.
Rental Property Investor · Bridgeport, CT · Member since 2019 · 34 posts · 2 votes

Curious to get this answer from you guys,

starting out house hacking a duplex, house at about 165k at market value with a an FHA loan

Paying about $200 out of pocket in PITI

Being that the house is at market value already I don’t see a way to force equity ( any ideas??)

The end goal is about $1500-$2000 passive income monthly.

In this situation what ways would you guys try to make this happen? Looking for any ideas or strategies!

0Reply
13 views

2 Replies

Jump to latestLatest
  • Jaysen Medhurst
    Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
    7y

    @Aaron C., so you're currently in the duplex? Can you share all the numbers? You need to determine if this will make a good investment property once you move out.

    If it's at FMV, there's really nothing you can do with duplex. You won't get your money back on any renovations / improvements.

    Paying only $200/month to live is pretty great. That allows you to save money for another deal, while building equity and gaining land-lording experience.

    As far as next steps, you can consider doing another house-hack. This time find a larger property with value-add opportunity. Or find an equity partner and go after bigger deals.

    0Reply
  • Aaron C.
    OP
    Rental Property Investor · Bridgeport, CT · Member since 2019 · 34 posts · 2 votes
    7y

    @Jaysen Medhurst currently in the first year in the duplex, PITI $1500, one unit rented out for $1295, I can get $1200 for the unit I occupy in rental income obviously I didn't count vacancy repairs and cap ex in the post, but it is accounted for.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free