Updated about 4 years ago on . Most recent reply
my first deal on a duplex
My 1st deal is a winner , I purchase a duplex for 350K I put 3.5% down with FHA loan that's 12K So I levaged 337 K @ 2.5%
When I purchased, rents were 800 each side , Which were under market
Since then the market has exploded here, I'm currently house hacking and rent other side for 1400 , the side I'm living in I am remodeling And when I move out I believe I could at least rent it for 1650 if not more ... So after I move out that's a total combined rent of 3000 !
my Taxes and insurance are paid / included with the monthly mortgage which is 1880 monthly
this duplex will be CASHFLOWING 1,170 mnthy after mortgage/Taxes/insurance this is before I even renovate the other side and raise the rents is this crazy or what!?? Right now I only have to pay 460 a month to cover my full mortgage since I'm currently occupying the premises This is really one of the best decisions I have ever made!
the numbers didn't run this good when I first analyzed the numbers but turnd out way better
Most Popular Reply
@Christopher Gathe Congrats!! No doubt a good deal and house hacking a duplex is powerful for building your wealth. I would advise to know your capex/vacancy/maintenance/repairs numbers for your true cashflow. You would still be cash flowing great after these numbers but you need to include these numbers before you think the $1,170 is pure cashflow. Best wishes on your REI moving forward.