Ready to House Hack & Build My Core 4

[Stewart Thompson]

Howdy!

My goal for 2024 is to build my investment portfolio and start pursuing my lifelong dream of being a RE Investor. I cannot invest locally as pricing doesn't make sense for me, but I have always been too scared to go outside of my state until now. This video has inspired confidence! 

The more granular goal is to invest in a fourplex for the long term, but ideally, something that can cashflow now so that I can still rinse and repeat sooner rather than later. I want to go to landlord-friendly states like Texas, Arizona, or Colorado. But I am not familiar with these areas at all. So I need a superstar agent who is used to this model. I would love to be very hands-off, but I am unsure what reality looks like. I am disabled and not able to get into most homes, so I am hoping to be able to trust my team to help me fully. 

So, I guess I have a few questions:

1. Is it possible to househack in a different state with an FHA loan?

 2. Which state is seeing the best growth? The best cash flow?

 3. Where should I go to find an agent in that area?

 4. How hands-on should I expect it to be?

Thank you all so much!

[Morgan Gutierrez]

Texas is a landlord friendly state and is growing! 

Househacking is a great way to get started. As @Joe Funari mentioned, you have to live in the house for the first year to do FHA loan. Considering that you are disabled and will need the house to be able to accommodate you for your house hack.

I would start by thinking about where you can/want to live. Then start looking in those markets for houses that are appropriate for you. An agent would probably be best suited to assist you with this. When you are house hacking you can house hack a SFH by renting out other rooms, or multiplexes by renting out other units (and rooms in your unit too). If you are choosing a SFH, consider a floorplan that would make sense for househacking- you may not want your room next to theirs, you may look for properties with multiple living areas.

Trust but verify- ALWAYS!

Good luck to you!