First House Hack in a HCOL Area

[Evan Gorczynski]

I recently discovered Bigger Pockets after becoming more interested in the FI community and real estate investing. I work in Research Triangle Park in North Carolina and I am looking for a house hack for my first home purchase.

I love the idea of a duplex for its simplicity, but in this area the numbers just don't make sense. I am considering doing a letter writing campaign but for the most part believe this will be too expensive for a first go.

I have been looking for single family properties with ADUs or In-law suites that would allow me to live in a private space and use a renter to offset the cost of the mortgage.

The primary questions I have are as follows:

1. Is there a general rule with regards to the numbers for assessing a house hack?

2. In a high cost of living area, does it make more sense to buy move-in ready as I have heard BRRR doesn't work well here?

3. Is there another option that I am not thinking of?

3. I would love to hear about any other forum members who were in the same situation that I am in now!

Thanks!