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Updated over 4 years ago,
When should I start using “house hacking”?
Hi! So first things first, I am new to the bigger pockets forum and love the idea, hopefully someone could help me figure this out.
I am in the process of building my credit, just got a CDL for better income on papers & to cut monthly expenses I'm in the process of building a tiny home to save on rent. Now I know I won't want to do this forever and I'll want at least a regular sized apartment at some point but for the sake of trying to present a good amount of cash flow on paper I figured I could tough it out for a while. Now I believe that if I did want to start house hacking that it would probably make more sense to wait till maybe my 3rd building. From what I've understood, you need at least 6 months to a year for lenders to be able to approve you for your next loan. Which means at least 3 years till my 3rd building after the purchase of my first. Should I carry out this plan? Am I accurate on my understandings? Suggestions for starting out? I would like to build a big portfolio. Also should I buy and hold or BRRRR? Thank you!