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Updated over 8 years ago,

Account Closed
  • USA
0
Votes |
15
Posts

Looking for First House Hack.. HELP!

Account Closed
  • USA
Posted

Hi guys, I am finally ready to buy my very first house and I am aiming for a multi-family / house hack. However it appears that in my area especially, the majority of homes are being sold to all cash buyers who are bidding above asking price for SFR let alone MFR. How am I supposed to compete with this?

It appears this is terrible market timing. House prices approaching 2006 levels, stock market unstable, battling against all cash buyers bidding over asking price... I live far from my new job and want to live closer, but given the factors, should I just rent a place closer while keep looking and hope to get lucky? I am in the Tampa / St. Pete area and MFR are not to common as it is. Also, I have a realtor searching the MLS for me, and I am searching the online free sites like loopnet and realtor.com, but how else can I search effectively? After searching I can say this is not looking to bright right now. Only thing I haven't done yet is to ask wholesales if they have MFRs.

Lastly, if I was to find a place, what is the best way to put together my team to ensure I am not buying something that will fall apart? Should I just ask around here on BP or at investor meetings (I plan to attend my first one soon) about quality contractors for repairs and advice on foundation. I assume this works mostly on referrals for appraisers, accountants, lawyers etc. as well?

Any general advice is more than welcome. I hate driving 2+ hours a day for work and want to get closer ASAP.

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