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Updated 1 day ago on . Most recent reply

User Stats

14
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9
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Elmer Wayne Fisher
  • Rental Property Investor
  • York Pa
9
Votes |
14
Posts

Leveraging my finances with Househacking

Elmer Wayne Fisher
  • Rental Property Investor
  • York Pa
Posted

I've recently been approved for an FHA Loan of 3.5% down on a $300,000 loan.

I also took out a $50,000 line of credit against my current SFR

How big of a property ( specifically a 2-4 unit ) can I buy considering other costs like closing costs, realtor fees, rehab costs etc? 


also is it wise to max leverage the potential property?

Most Popular Reply

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1,531
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727
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Aaron Zimmerman
  • Accountant
  • Chicago, IL
727
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1,531
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Aaron Zimmerman
  • Accountant
  • Chicago, IL
Replied

on the leverage piece, it's not generally smart to be at 100% leverage. You're paying more in an interest so the property needs to perform better.

id recommend saving some money for reserves outside the heloc (which was smart to do so you can access in the event of an emergency). 

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