House Hacking in Austin, Tx

[Timothy Cavalieri]

Hello everyone!

I really want to get into house hacking as soon as I can! Reading real estate books and joining the BiggerPockets community turned me on to the idea of becoming financially independent as fast as I can. Being able to have the option to work! That’s the DREAM!!! As much as I want to rush this, I know it is a gradual process. I need more knowledge and funds before starting. I just need some advice on where to start once I’m in a stronger financial place.

A little back story about me. I’m about to graduate from UT Austin debt free. I did a 180 on what I wanted to do career wise (pre-med with a major in biochemistry, business minor) and want to dive into real estate investing as fast I can! I know that I need to get some more funds first.

What lenders would you recommend going to? I am wanting to use an FHA loan to start my house hacking. However, I've also considered getting a USDA loan for a houses hack in one of the suburbs of Austin. I'm interested in either a multi family house and single family home! Which loan would you recommend?

I also had a another question about a different subject. I’ve been offered a position for a 1098 job. In the book ‘Set for Life’ by Scott Trench he recommends going for a scalable career. However, I know it will take a minimum of 2 years before I can qualify for a mortgage loan so they know I have a stable income. Do y’all think I should wait this long?

[Jordan Moorhead]

@Timothy Cavalieri if you've been offered a great job don't forgo it to get started househacking. Get a great income, be super frugal and save until you can buy a place, make sure your credit is A+! Real estate will take you quite a while to start making any significant income from, that job could pretty quickly. Don't take a W2 if you have something lined up where you can get paid on performance. Make as much money as possible, save as much as possible and then invest!