Getting into our first house hack

[Anthony Cangialosi]

Hi everyone,

I’ve been learning about real estate inventing for a couple months but haven’t started yet. I think the best strategy for me and my family would be house hacking.

Currently we have a traditional mortgage on our home that we purchased in 2018. Im handy so we’ve fixed up the house quite a bit on the inside and outside. I haven’t had the house appraised, but I’m guessing we have around 150k in equity. With having young kids and working full time, being able to buy a house that needs mostly cosmetic updates that I can do myself would be easier than buying a property I would have to travel to without the family to work on. 

I’ve thought about selling our current house, using that equity to pay for a single family fixer upper that we’d work on for around a year, and do it again. Except instead of selling the next property, holding it and renting it out. 

If there’s anyone who’s done this strategy It’d be great to hear how it worked out, and how you transition from house to house when you’re holding the previous property you were living in.

[Anthony Cangialosi]

Quote from @Jonathan Greene:

Thankfully, you changed your mind on this. Your partner and family would have hated you. Rochester is great for investment and the prices are decent to get a duplex (4 bed, 2 bath min total).

One concern though, when people who are not contractors say they are good at home improvements, they aren't usually as good as they think and their value isn't higher, it's actually lower because of unpermitted renovations or personal cosmetic choices. Is that you or do you have contracting experience?

 Hi Jonathan,

I understand that concern, I do not have contracting experience. However, due to my college and career experience I can handle any of the electrical work while following the NEC. I’m not as strong in the other trades, but I have a keen attention to detail and don’t take shortcuts. I plan on handling most of the cosmetic updates and mechanical repairs, to a point. If there is something that I don’t feel I can accomplish with professional results, while cutting costs, I would contract that out.  

I’m aware of permit requirements in my local township, and I would have to follow up with what’s required in the location of the investment property. 

The cosmetic choices would be based on popular preferences that would appeal to hopefully everyone. 

I appreciate you taking the time to list those concerns. I have a lot to learn so any pointers are welcomed!