Advice for house hacking in a high price area

[Guy Cardinale]

Hi all! 

Looking for some advice on house hacking. 

House hacking seems to be the best way for my first investment, but I am a little nervous about the prices in my area. It looks like the low average is around 600-700k (for a split family home). Is it possible to house hack with a price that high? 

I could probably find something lower in price than that but it would be in a worse area (i.e. far from train access, not good schools, etc.)

I know out of state is a good option too but as of now I have no team or contacts to help with that, so makes more sense to build up to that point in the near future. 

Any advice would be welcome! :) 

Also on a side note, I would love to talk to anyone on the phone or via Zoom. I work from home so have ample free time during the day and nights, so would be willing to help work in any capacity for anyone willing to talk :) 

Thank you for your time! 

Guy

[Kayla Givens]

Hey, @Guy Cardinale! House hacking is one of my absolute favorite strategies for getting started - my husband and I got started that way and have had our foot on the gas ever since. I live in Denver and the median closed price last month was around $600k so I feel you when you say you're nervous about starting in a higher price point area. If I were in your shoes, I would try to find a home in my price range with the most beds/baths as possible with as little work needed as possible (basically a unicorn right?!). But, I wouldn't let the price point deter you too much - in this rate environment there are deals to be made and there are strategies you can implement with your agent to get a permanent or temporary lower rate. Get your foot in the door, start building equity, refinance when rates come back down, rent it out, cash flow, on to the next! 

Also, I always recommend purchasing a home in a location that YOU want to live in. That way if rates do not come back down and you end up staying there for longer than anticipated, you are somewhere you want to be :) Just my two cents!