All Forum Posts by: Gary Lansford

Thanks everyone for the advice. I decided not to go with the $270k house. I’m going to keep researching deals for duplexes. TBH $270k for the house was stretching my budget thin and had a lot of risk if I couldn’t find tenets for a few months. After a few years if I moved out and got $850 a month for the master I would still have negative cash flow when all the rooms were rented out. So it didn’t make sense anymore. $850 (master) + $600 + $600 = $2050 and my mortgage would be $2170 per month. I plan to spend more time saving for a down payment / closing costs while continuing to look. I’m going to keep looking for duplexes under $270k and SFR under $225k as a backup option.

@Joe Scaparra this would be my first property. I am not against duplexes at all - actually that was my original thought.

I understand there is probably more profit in multi-units, but I think there is a difference between a new home at 270k and a duplex from 1984 at $300k + renovations is larger than I can handle.

I think getting a SFR with roommates for a year or 2 has a lower barrier of entry to get started, especially in Austin area.

Hi All,

I'm trying to get my feet wet with my first real estate deal. I have been renting in Austin for the last 5 years and want to attempt at a house hack in a SFR. My GF and I both have good jobs in Austin and see ourselves staying here for at least the next 2-4 years.

I originally wanted to get a duplex but I cannot afford it in this market. So my options are now renting out rooms in an SFR. I spoke with my GF and she is on board with living with roommates for the next 1-2 years.

After reviewing the MLS for about a month, I am considering building a new home in the 78660 Zip code (around hwy 45 and 130). There are lots of new developments going up and we found a few builders that we liked in the area for around the 270k price point all in with some incentives if we go with their lender.

Our current rent is about $1230 and if we bought the house and put down 5% or so I'm looking at a mortgage payment of about $2150 a month. 

I'm looking to rent out 2 rooms in the house for $650 a piece (with a private living room for the roommates) + utilities. So if we are able to rent out both rooms we are reducing our current rent by $400 a month and gaining equity in the home. If we are unable to get roommates then worst case I would be essentially doubling my housing costs.

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Does this plan make sense? Or should I shop for a cheaper deal? Also, does anyone have experience renting rooms in this area? Airbnb an option?

Also FYI - I would be buying the property by myself. If we are able to get roommates my GF and I would split the remaining monthly costs. Worst case - If we cannot find I would pay 2/3rds of the rent (30% of my monthly take-home pay).  I have been pre-approved for $320k.