My First Multi Family House Hack

[Tracy Opoku]

Hi there! Brand spanking new to the world of real estate investing but I've seen the light and there's NO going back now. I've been reading books and listening to podcasts around the clock. We are full steam ahead, pre-approved and in the market for our very first home and multi family house hack in Connecticut. I would love to hear from you all: 1) any advice about house hacking, generally; 2) if anyone eventually BRRRR'd their first house hack and what that process was like; 3) any insight to the Connecticut market (Cromwell, New Haven, Bridgeport and surrounding areas, also id love to connect with anyone in the area!); and 4) anything you wish you would've known/resources you would've accessed before getting into the game, for those who are more experienced than me.

Excited to chat with and learn from you all. Blessings!

[Kyle Chadwick]

Hi @Tracy Opoku!! I'm from upstate NY and not too much further ahead than you. I have 2 MF properties with a total of 4 units and I just "flipped" a house that we decided to keep and live in. It's awesome to find someone else who's also spending a lot of time investing yourself into the REI world with books and podcasts!! Here's a few thoughts to your points above: 1. I "house hacked" my first property and found that it's a great way to get started. By purchasing it as owner-occupied you can get into it with very little down and a good terms. Keep in mind that 1-4 units is considered residential so you can get into a 4 unit owner-occupied just as easy as a SFH. 2. I haven't exactly done this quite yet but I sort of did. I purchased the property as owner-occupied, then I purchased a second property and moved out and did a cash out refi under an LLC I set up. The credit union that I worked with on this allowed up to 80 LTV on the appraised value. 3. Sorry, no insights into the CT market. 4. Something that I didn't realize on my first deal that I was able to use on my second deal is seller concessions. If you don't know this is where the seller agrees to give you a credit (up to 6% in NY) towards closing. This definitely helped get me into the property with much less out of pocket.

Hope this helps!! 

Kyle