Starting out house hacking

[Nichole Howe]

Hi, I’m very new to investing or buying. This would be my first property. I’ve been looking at conversations here and trying to soak in as much as possible. I’m planning on buying a duplex in SWFL Fort Myers area and house hack it for a year. I have 10k saved so I figure this will cover down payment, closing if I did an FHA loan of 3.5% down that I’ve been advised on here. And then possibly keep saving for repairs and things of that sort. My questions are what is some beginner advice? I’m kind of scared but want to put my all into this as I’m really interested in starting out somewhere. What are some bumps I can run into? How did you start to believe in yourself to make your first deal? Thanks for any advice

[Renee Potoczny]

Hi @Nichole Howe. I'm currently house hacking a quad.  I purchased it 1 year ago, so I'm learning a lot as I go.  Besides having a plan for the actual purchase/repairs, etc., be sure to have a landlord strategy. You're going to have someone sharing your property, so you want to be sure you have a plan on how you will deal with them.  Take a look at what similar properties are getting for rent, so you have a range of what you will be able to charge for your unit.  I agree with @Theo Hicks about getting into real estate and believing in yourself to handle the road bumps ahead.