I am looking to move to property and distance myself from the Portland area. I found a large property that has three homes on it. All are rented out. One at 750, 850, and 1300. I would move into the largest home. My rent collected would be the 1600. What calculator would I use because this entails three properties and I would reside in one. Also, I would put down 150,000 and the owner would then owner finance the property. Any thoughts as well? I have never attempted anything like this. Oh, property is listed for 420,000.
I might be able to help you build out some projected numbers here. Are you planning on getting a normal conventional loan to purchase or what will be your financing?
Hey @David Richardson , good to see you on here! There isn't really a good "house hacking calculator" out there. Shoot me an email/call/text and I can send you what I made up and walk you through how to use it.
If you're not doing a BRRRR on any of the houses, and they are ready to rent, then I would just use the "Rental Calculator". Then, use the numbers for the rentals that you are renting out for the property. I also run the scenario for when I move out, and renting all properties. This gives you great snapshot of what to expect for cash flow and ROI.
Hi @David Richardson , this is a sticky situation. You won't find a calculator for this one so I would suggest using Excel. While this is complex, the method is still the same. Take total rent collected (including market rent for your home) and subtract all expenses. This is where it might get tricky. You will need to find your monthly debt cost, along with all expenses associated with the property (utilities, landscaping, etc). Don't forget about 5% for capex, repairs, and vacancy.
@Brad Hammond is on point here.
Using excel or sheets is most likely the best tool to use.