First time home buyers that want to house hack

[James Roet]

Hi all,

I'm James and my wife is Lyndsay. We recently got married and are looking to buy a house in New Hampshire or Massachusetts. 

We've been passively looking at single family houses for about a year, but I've always wanted to get into a multi unit as our first property and reap the financial benefits that come from "house hacking". 

Recently, I started listening to Bigger Pockets' Real Estate and On The Market podcasts which have made me a lot more serious about house hacking for our first property. As of now, our goal would be to purchase a 2 to 5 unit place (which we occupy one unit in), then purchase and move into a single family ~1 year later, and continue to purchase properties with the end goal being a switch to real estate investing as our full time jobs.

Although I feel I'm gaining knowledge on real estate investing on a daily basis, ultimately I think we need some sort of a mentor or business partner to help us make the jump into house hacking and real estate investing. If that mentor happens to stumble across this post, I'd market us as being worthy mentees for the following reasons: We're willing to learn, incredibly hard working, trustworthy, driven, starting from a solid financial position, and would like someone we can do repeat business with.

Thank you,

James

[Carlos Valencia]

Hi James, 

Like many have mentioned FHA with 3.5 % is the best loan to use to get into your first 1-4 multi family property. MI has dropped too about 30 basis points which also makes it more affordable that conventional 5% down. You can always refinance to conventional to use your FHA loan again later for another investment property as long as you live in the property for 12 months. My buddy Mathew kwan was able to take advantage of the FHA and lower rates in 2021 and bought his first triplex. Its still possible just need to run the numbers to make sure it will cashflow especially after you move out.

@Albert Bui @Matthew Kwan