Updated 10 months ago on . Most recent reply
House Hack Deal
Hey everyone,
This is my first property ever and I am in Canada. Currently, I'm paying $1200 in rent. I'm considering a house hack deal in a large metro city. It is a brand-new townhouse which has 5-bed/3.5-bath and my plan is to live in the master bedroom (rest all rooms are considerably smaller and do not have attached washrooms) I want to rent out each private room to a single person while each full bathroom would be shared by two tenants. I am considering to rent the 4 bedrooms for an average of $600 each. The kitchen is in sharing and has a dining space for 6-8 people also enough cabinets for all.
Here are the numbers:
- Purchase Price: $340,000
- Interest Rate: 3.99%
- Down Payment: 5%
- Mortgage: $1,599
- Property Tax: $366
- condo fee: 200
- Insurance: $60
- Utilities (not paid by tenant): $150
- Maintenance & CapEx (5%): $114
- Vacancy (5%): $114
- Total expenses: 2603
- Total Income: $2400
Expenses:
Cashflow: -$203 (I am no longer paying $1200 in rent, should I be happy that I am actually saving $1000)
when I move out I can charge $1000 for the master bedroom. Then my cashflow would be around $800. Is it a good deal?
Can any of you experts suggest?