Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 2 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Joe Herrmann
0
Votes |
1
Posts

House Hacking in High Priced Markets

Joe Herrmann
Posted

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

User Stats

163
Posts
114
Votes
Will Stewart
  • Investor
  • MA
114
Votes |
163
Posts
Will Stewart
  • Investor
  • MA
Replied

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.

Loading replies...