House Hack newbie

[Marlon Olivares]

Hi everyone 

I am a newbie house hack and I am getting all the numbers together to see if we can make this current house work for us.

We bought this house overpriced two years ago when we moved from AZ. during the height of COVID. The posted value of the house per the county assessor is below purchase price but we have $40k in equity not counting what we have done to the house. Our mortgage rate is 3.9 so I dont want to sell the house and instead hold it for the long haul. Has anyone else been in this situation?

[Wale Lawal]

@Marlon Olivares

Assess your financial situation and calculate potential rental income to determine if house hacking is a viable strategy. Consider long-term goals, market trends, improvements, tax benefits, and flexibility. Seek professional advice from a real estate agent or financial advisor for market analysis and financial planning.

Good luck!

[Yanina Panfilenka]

Hi Marlon,

It's pretty typical situation. I also see short sales and the properties on the auctions bought overpriced 2 year ago and now below the water. Not dramatically but still.

It's hard to tell anything without knowing what do you have there. Usually, holding for the house for 5 years covers the market fluctuations. 
I'm a real estate agent and can check what options you have. Just send me a message with the address.