First Time Buyer, Potential House Hacker / Out-Of-State Investor

[Destiny Malloy]

Hi All, I am currently living with my parents and hoping to be able to move out in the next 1-2 years. I would like to buy a duplex in my area (DMV), but there are not many multifamily properties in the area (and the few that are in the area are very expensive), so it would be hard to find a deal I can afford. I am worried about trying to house hack a single family home for safety/security reasons. I have not done much research on out-of-state investing as I am worried about getting out-smarted by professionals who know that area better (I would also really like to find something that I can move into for at least the first year so that I can get out of my parents hair). 

I am looking for advice on how I can get started as a first time home hacker in a tough market? Are there other factors that I can consider that would make house hacking in the DMV more doable? Are there safety measures that others have used in SFHs when house hacking to make it feel more secure? Is there anyone in the same boat who tried out of state investing as a beginner and was able to generate some cash flow? All articles/books/podcasts you can recommend for me to learn more about my options are appreciated!

[Steven Foster Wilson]

Quote from @Destiny Malloy:

Hi All, I am currently living with my parents and hoping to be able to move out in the next 1-2 years. I would like to buy a duplex in my area (DMV), but there are not many multifamily properties in the area (and the few that are in the area are very expensive), so it would be hard to find a deal I can afford. I am worried about trying to house hack a single family home for safety/security reasons. I have not done much research on out-of-state investing as I am worried about getting out-smarted by professionals who know that area better (I would also really like to find something that I can move into for at least the first year so that I can get out of my parents hair). 

I am looking for advice on how I can get started as a first time home hacker in a tough market? Are there other factors that I can consider that would make house hacking in the DMV more doable? Are there safety measures that others have used in SFHs when house hacking to make it feel more secure? Is there anyone in the same boat who tried out of state investing as a beginner and was able to generate some cash flow? All articles/books/podcasts you can recommend for me to learn more about my options are appreciated!

 Hi Destiny, 

The majority of my clients here in Columbus and other parts of Ohio are out-of-state investors. The price-to-rent ratio makes for great investments. Not to mention our appreciation has been 8% higher than the US national average, because of the high demand for affordable housing. Thus, we have a lot of OOS investors flocking here. I think you have to trust your team and work on building your core 4 https://www.biggerpockets.com/... in order to make the investments work. 

If you want to stay local then I would start to cold call. Go to as many networking events as you can! The more you get out there the more likely you are to find great deals. If you are worried about safety and considering an SFH then rent out your rooms. That will also bring in more cash. My wife and I live in a duplex and we still rent out a room in our house because we love living with people.

I would get used to running more numbers https://www.calculator.net/ren... I like to use this calculator. By doing that you will be more familiar with when you find a good deal. 

Keep listening to the bigger podcasts, I even recommend listening starting at the very beginning.