All Forum Posts by: Kevin McCandrew

@Luke Macias thanks for the reply you pretty much nailed it I only want this property if it will lower my living expenses so I can save up for another duplex in a year as I would be acquiring through FHA so after a year I would either just rent both or Airbnb I guess what I'm saying though is if I do decide to Airbnb and spend all the money to furnish it then no one is Airbnb my property or currently and I just spent all that money for no reason and now have to rush for a tenant since Airbnb didn't work and need duplex to cover mortgage to build back up the money I'll have to pay for down payment/closing costs.

since I would live in other unit I would take care of cleaning and saving that money! 

@Joseph Cacciapaglia Thanks for the reply Joseph and honestly that was just my guess honestly as I have never been a landlord or rented I figured I would essentially be competing with beating hotel prices? What do you think is a more realistic price for this size house?
its a 3 bed 2 bath 1200sqft whole house and brand new in Houston and I could afford mortgage but definitely would hurt as I want to acquire property to lower living expenses to save up for another duplex

Hey Guys so most likely going to be getting a brand new construction DUPLEX close to downtown Houston, TX with a view of city off back porch with 4 lots empty next to property which are planned to build new houses on my builders so potential for equity in property looks good, but it is close to a rougher area/ some houses around are old and bad I'm trying t9 decide if i should spend the money to decorate vacant side of duplex "hoping" to rent it out to make more income then a 1,300 dollar rent because if i rented it out for $60-$90 for 25 days a month im looking at $1,500-$2,250 if i can hit those numbers, but this will be my first time doing airbnb or renting as this is a house hack for me hoping to live as close to free as possible with expenses all in being around $2,150 so kind of scared of having high vacany with airbnb or if its hard to get people to stay with the virus? a little nervous due to being a huge saver and this would cost a lot of money im not used to letting go off but i know property will increase in value just doubting it because im new to this.

Any replies or experience on this topic would be greatly appreciated!

@Twana Rasoul @Ryan Johnson Thanks for the feedback guys do either one of you know in FULL how strict FHA loans are or have experience with them? I ask because im really trying to speed up my investing process with cash flow and hustle to do so by putting a second Duplex (there will be 2 built at same time) in my girlfriends name and ill fund it and then transfer ownership after the 1 year requirements are up, but so i don't have a empty unit (One she's "living in") I would airbnb it so theres no leases where i could legally get into trouble. So essentially the plan would be live in one unit of duplex rent out 2 doors and airbnb the 3rd thats in her name then after a year move out and rent all four doors for $1400 with a mortgage on both per month about $2000 all in so $4000 total but cashflow $1400 x 4 = 5,600r - 4000m - 185 x 4 (185 for capex per unit and anything else saved every month for future repairs) bringing me to a total of $860 after its all said and done so $215 a door and hopefully living in another duplex by then to keep living expenses low!

Let me know if anyone thinks this sounds too crazy or unrealistic i tend to set the bar high on myself lol

Hey @Kris L. , thanks for the reply assuming i moved out in one year and rented both units out at $1400 + $1400 that would put me at $2800 and with the payment at $2000 ( Lender told me at that price i'm looking at low end $1,885 with everything included.) thats where i assumed $800 cashflow and totally theres always those things that may happen so out of the $800 put $200 of it aside for any unforseen instances, Just trying to see if this is the right move!

So I'm looking at purchasing a Brand New Duplex that comes with Fridges/ Washer & Dryers on each side for 285,000 which with a 3.5% down payment with an FHA loan will put my mortgage around $1900 so lets say $2000. I can rent the other unit for $1300-$1400 in that area leaving me only $600 left to pay have been hoping for the renter to cover mortgage, but looks like in my area Houston, TX Brand new duplexes/ even older ones run around 250k-300k.

So heres my list of Pros and Cons im trying to weigh out 

Pros:

Brand new no fixes for a long time

If i moved out in a year (FHA purposes) could cash flow up to $800 after

Me and My girlfriend would save money if we split remaining $600 in half so $300 a piece saving us each roughly $250 in rent 

Cons:

Dont know if paying $600 is really considered house hacking

Dont know if thats too of a price or if i can build equity in a Brand New Duplex.

This is my first step towards investing so Any feedback/ advice is welcome!