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!
@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.
@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.
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