House Hacking in High Priced Markets
Hello everyone, I live in New Hampshire and work my full time job here. I have recently been in contact with a real estate agent and a lender. My real estate agent has a few investment properties, so his advice is pretty helpful. My lender also deals a bit in BRRR with his clients. I have been approved for a $425,000 to $500,000 loan 2-4 units (It does depend on what the income of the rents are) at 7%. I currently have about $25,000 saved up for the down payment. The issue is when it comes to saving 10% to 16% up for the down payment (I am using a FHA), closing costs, title fees, and other stuff. Rents in the area depending on the house are about $1,500 to $2,500, depending on the quality on the inside.
My main question and concerns for all this,
to get the rest of the 10% should I look into partnerships?
I am also looking into trying to find off market deals (For example, Facebook, craigslist, etc). How difficult is it to find off market deals for a first property?
If people have an other advice or anything else, I would be happy to discuss and learn a lot about everything. I am pretty new to everything. I currently make a lot of money from my full time job and I am not looking to move states.
Most Popular Reply
Our first few "house hacks" were single family homes where we did 2-year live-flips (no taxes to pay on sale). Could look for a SFR with space for an ADU or Airbnb. Off market is tough unless you're doing direct marketing yourself— most wholesale deals I see are garbage. Keep working, saving and learning— real estate isn't get rich quick, have to play the long game.