First Property Purchased - House Hack... What's Next?
Hey BP, I've been a bit inactive but I am 21 years old and just got an offer accepted on a property in which I will live in one of the bedrooms and rent out the other two. I am going through the loan approval process with escrow closing in the standard 30 days if all goes to plan. I have two tenants lined up (of course no guarantee but odds are in my favor to have revenue coming starting within a month of escrow close). Also, I cleared with the HOA ahead of time and they are okay with renting rooms out. My goals are to not have full cash flowing property, that is a bit difficult to do with this property but I can have most of my mortgage covered. The rest is mainly utilities and reserves for any forthcoming expenses. My goal is to build experience in RE and learn how to manage tenants as well as build equity for future leveraging opportunities. I do have a very well-paying job (blessed) and that is my main focus to grow in that role to not only secure my job but also grow my salary to support more RE investments.
Here is what my forecasted income statement looks like right now.
The first question is, what flaws do you see in this? Is there somewhere where I am overestimating or underestimating?
The second question is, what are some pathways after achieving this house hack? Is it purchasing more SFRs and building a comfy equity cushion to use to invest in a multi-family? What are some of the things you guys have done after a house hack?
Any additional feedback is really appreciated. I am always open to respectful opinions and thoughts. Thanks, BP!