Starting Out House Hacking

[Kyle Ursino]

Hey BP Community, this is my first post and would like to thank everyone for putting their time in to share their knowledge on this platform. So, I’m 18 yrs old, living with my parents, very little money saved, and no credit. I would like to move out within 6 months or so, but I want it to be the start of my real estate career. I want to househack. I’ve been learning and researching a lot about real estate for the past few months now and I think this is the best move for me. Is it possible for someone like me to buy a multi-family with creative financing or something like that? I would also appreciate if someone could give me a few sources where I can go into further research on this topic. Thanks again!

[Nathan Gesner]

Go to the BP bookstore and purchase "Set For Life" by Scott Trench. You need to learn to manage your finances responsibly before you step into investing. If you can't handle your regular income, how will you possibly handle an investment property?

You should also meet with a couple mortgage lenders and ask them for advice on how to build your credit and what types of loans will be available for you in a year or so. Then start working on establishing credit and saving up for a down-payment and an emergency fund. You need to have an emergency fund to ensure you're prepared for the inevitable problems that will pop up three weeks after you buy the first property.