Cashflow formula for an owner occupied duplex?
I’m just starting out in the real estate world. Looking to buy my first property which will be an owner occupied duplex in the state of Wisconsin.
What’s the formula for cashflow?
Every property I look at I’m losing a good $2,000-$3,000 a year by living in one of the units. Which is still really cheap living and I can’t go wrong with paying $200/m for housing.
However, I’d like to think I could make $50-$100/m profit somehow. Just want to be in the green. Is this possible? Or do I need more than my 1 unit to start making profit? I’m only 21 so I don’t have $500,000 to spend to make profit right away in my first year guaranteed.
Any feedback would be highly appreciated!