2nd Property House hack!? · Rentals To Riches Free

2nd Property House hack!?

What’s up everyone! wanted to ask y'all about this situation im currently in.

I currently live in my first property with a $1,919 Mortgage payment.

I want to buy my 2nd property and stumbled across a property of $299,000 3/2 with a 1/1 ADU. According to rentometer & RE Agents the ADU can rent anywhere from $900-1k. I’d like to live in the 3/2 to house hack but am also open to rent the entire property but would need more $ down which I don’t have. (I have yet to run the analysis on buying it as an investment)

According to the lenders numbers (attached) The mortgage on this property would be $2,345. Leaving me with a payment of $1,345 if the ADU gets rented.

My biggest problem is if my current properties rent would cover the mortgage. I’m willing to pay money out of pocket to cover if need be.

my question here is should I move and house hack it, or just keep saving up until rates change (to help rent my current property), and I have a good 20% down for an investment property?

Still in the early stage of the process, just wanted to come on here and ask before I take things further with Lender & Realtor.

Thanks!

9 comments