Opinion on Two-Bedroom House Hack
Hey Las Vegas Investors,
I'm looking to get my start with real estate here in Vegas! I currently own a 4-bedroom house in the Northwest that I bought at retail price 3 years ago. I'll be traveling for 3-4 months at a time for work starting in May 2019 and therefore I'm looking to downsize to something smaller and more practical since I'll be gone so much. I'm currently house hacking and have a roommate who's willing to move to the smaller home. I plan to rent out my 4-BR after I move out.
I'm currently looking at 2-3 BR homes and need some advice about what's a good deal here in Vegas. I'm looking at a property with the following stats:
2-BR, 2 Bath, 1500 Sq Ft
Cash offer price: $245K,
Comps: $295K
Built in 1995
Zip Code: 89128, close to summerlin parkway/95
There is a den that can easily be converted to a 3rd bedroom and the house is in good condition but the bathrooms/cabinets are original to the home. Seller is looking to expedite sale hence the lower cash offer. I'd need to find a cash lender but I know I can secure long term financing.
My gameplan would be to convert the den and update the bathrooms sometime while I'm living in the home. I'll continue to house hack so that about half the mortgage is paid for. Eventually I plan to rent out the house once I move out after a few years.
Am I crazy? Is this a good idea or will I lose my shorts? Just looking to get some input from people with more experience. Thanks in advance!
Justin