Advice on how much cash to have on hand for House Hacking
Hi everyone! I've been saving up for my first property purchase, specifically aiming for a duplex. This summer is when I hope to purchase. I've been doing some research for a while, but I'd really appreciate advice from people who are already house hacking. After buying the duplex, how much money should I have set aside? Let's say the duplex costs $240,000, and it's in a decent neighborhood, but it's not in perfect shape, maybe around a C+ shape. (assuming because that's what that price would most likely get you) How much extra cash would you recommend having on hand AFTER buying the duplex? What should one be ready for and what is something to have in mind?
Most Popular Reply
At least 3-6 months of reserves.
Expect to lose probably 2 months of rents when you close, 1 month vacancy, 1 month leasing fee, and to spend 1-2k to make the unit rent ready.