What do I need in order to house hack

[Justin Reed]

Hey BP,

Some background:

I’ve listened to a lot of podcasts and webinars on starting in real estate.

I also read the ultimate guide to real estate investing and decided a house hack would be the way I want to start.

I’m looking to start in NJ because I live near there.

So my question is what else do I need? Should I just find a good deal and close? Or is there something more?

[Kamil Baldyga]

Hey Justin! Househacking is fairly simple there's no need to over complicate it too much. Youre simply getting a property to live in and living with roommates that pay you rent. First you obviously a property so getting in touch with an agent and getting prequalified is a good first step. Once youre shopping around make sure that you keep the end in mind and know what you're going to do with the property when/if you ever move out. Are you going to sell it or keep it as a rental? If its going to be a rental you need to make sure the numbers make sense for it. Once you have a property just be sure you're screening your roommates. Don't want a roommate with a hobby of cooking meth in the living room. Roommate agreements never hurt to keep everyone on the same page. Hope this helps, let me know if you have any questions!