Was this a good deal? - First property bought
Hi! I just bought my first duplex as a househack and was wondering what you all thought about the deal so far!
Details:
Price: $197,500
Loan: 186,855
Mortgage: 1150
Interest rate: 2.875%
I live in one side and the other rents out for 750. I used an FHA loan and paid around $20,000 all in for the downpayment and everything else.
I didn’t know if I should have waited or if I screwed up with my numbers initially or if it was a good deal. I am living by myself and could live here or with my parents (really wanted to move out). My thought process is that I am saving around $300-400 per month because it would have cost a lot more to live by myself elsewhere, I receive $325 in equity each month and when I move out it will cashflow at least $100 per month after expenses but I don’t know if this is enough to cover me or not.
Thanks for the input!
Most Popular Reply
Hi @Brandon Castillo - Greetings from Gratz Park in Downtown Lexington. Congrats on your first property! Honestly, I'd be less worried about getting a good deal and more pumped that you took action and are learning! At the end of the day you need a place to live and you're getting a significant portion of your note paid for. Most importantly, make sure you're diligent with that extra $300-$400 a month as it's easy for it to feel like discretionary income that can be spent. Best of luck to you!