Starting out trying to househack my first multi family deal

[Chia Yang]

Hey everybody! I'm beginning to look for my 1st deal, but I'm not sure where to start. I know that I want to look for small multifamily (2-4 unit) where I can house hack near my job using a FHA loan for a single guy. But in my area, there's just not a lot to go around, there aren't that many deals available. Any tips? I dont want to be big, I'm just looking for that freedom number real estate can provide. Thanks guys!

[Andrew Kerr]

@Chia Yang - it's a tough market right now to find good deals. The perfect situation might be a deal that is close to your work, but with the conditions today, you might have to look further out for the right deal. Perhaps you go with the longer drive (an listen to BP Podcasts on the drive) to get your first deal and make it work for a year or two.

I think some of the best deals are on the fringes. Look in that area where you didn't want to be a year ago, but seems ok now, but is in the direct path of growth.

If you really want to find that perfect situation, you have to work hard for it. Network with wholesalers, drive for dollars, create your own mail list of target properties and mail right to them, talk with older investors potentially looking to sell. You basically need to be looking at every channel to find those good off market deals.