New here (Introduction)

[Christian Herbster]

Hi everyone!

I am a Physician Assistant student looking to invest in a house hack property once I graduate school (within the next 3-6 months). I'm looking to find a job within the PA area and invest in a duplex-quadplex in PA and rent out the other units. I'm really excited to get started and would love to have some people to connect with for advice/tips, anything! I've read a few Better Pockets book, spoke with some realtors and lenders, but aside from that, I come from a low income family and have no one to go to for real estate advice. Any help/guidance would be greatly appreciated, please connect! Thanks!

[Simon Ashbaugh]

Hey there Christian, glad to see you preparing for your real estate journey.House hacking is a fantastic way to break into real estate investing while living rent-free and building equity. Your background shouldn't be a barrier to your success. Keep in mind that many investors come from various backgrounds and achieved financial freedom through real estate. With effort, research, and time, you'd be able to make your dream a reality.

For starters, here are some tips I could share with you:

1. Work on your numbers - calculate potential cash flow and ROI. Factor in all your expenses such as property taxes, insurance, repairs, maintenance, repairs and potential rents.
2. Start small, while a triplex or quadplex could be ideal down the line, starting with a duplex can be a manageable option while you get used to being a landlord.
3. Thoroughly screen any potential tenants to minimize risks and ensure your investment is protected.
4. For young investors like you, an FHA loan can be a smart move with its lower down payment requirement. Just remember the occupancy requirement, so make sure that aligns with your plans.
5. Being a good landlord will always bear fruit so it's best to always be on top of every issue that arises. A timeline to resolve each of them when the time comes will help and keeping a very satisfied tenant will generate that solid cash flow you're aiming for.

There are tons of resources available to help you learn more about house hacking and real estate investing. Check out the BiggerPockets Podcast for a library of great information. Hope this helps and best of luck to your real estate journey!