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House Hacking

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Gavin B. Hicks
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Expenses on a duplex

Gavin B. Hicks
Posted Aug 15 2022, 11:48

I am 18 and will be buying a duplex to live in during college and rent out the other side. I have found one for $135,000 with separate water and electric meters.  Outside of principal, interests, insurance, down payment, and closing cost what other expenses should I plan to see when purchasing the house?

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Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
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Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
Replied Aug 15 2022, 12:35

Maintenance. And other things you used to call your landlord for! Or (congrats on starting your investing career at 18!) ask your parents what they spent money on in the house you lived in or what they called the landlord for if your family lived in a rental.

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Jay Voorhees
  • Lender
  • CA TX AZ MA
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Jay Voorhees
  • Lender
  • CA TX AZ MA
Replied Aug 15 2022, 12:52

Property Taxes - and if you are purchasing this duplex at a much higher value than the property was previously assessed for, be sure to anticipate an higher future tax bill once the property is reassessed. 

Also - congrats! 

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Kimothy Bynum
  • Real Estate Agent
  • Detroit
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Kimothy Bynum
  • Real Estate Agent
  • Detroit
Replied Aug 15 2022, 17:59

When purchasing a house that looks about it. Just have reserves for once you are actually in the house in case things come up. Be prepared to save a certain percentage to Maintenance, Cap ex, and vacancy. Even if you have to attribute to those categories with your own money. Congrats that super exciting tho.