How to Buy Property in Seller's Housing Market

[Ben Feder]

I am looking to purchase my first home to live in one room and rent out the rest. Also, it is a hot market and hard to buy. What are your best suggestions on financing or purchasing a first-time home, and additionally, how do you do that in a hot seller's market? Any help would be appreciated. For further info, I am looking in the greater Philadelphia area. Thanks!

[Anthony Venezia]

Hi Ben, that's awesome that you're looking to do a house hack! That's definitely a great way to get into real estate investing. With that strategy in mind, your best bet is likely to get a conventional, owner-occupied loan so you can put as little as 3.5-5% down. Given the current market conditions, you could have an easier time getting an accepted offer if you target properties that have been on the market for 2+ weeks instead of going after properties that are fresh on the market. That could result in you needing to put some work into the property, but you could have more success by going away from the crowd.

I live and invest in the Greater Philly area and I'm also a licensed realtor. If you have any further questions or would like some help with your search, feel free to send me a DM so we can connect!