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Updated almost 4 years ago,

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4
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Nick McGregor
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4
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Purchasing First House Hack and Compromise

Nick McGregor
Posted

Hi everyone, first post here!

I've been listening to the podcast for several years but have never felt like it was the right time to make a purchase. I'm now ready to make a purchase and I feel like I'm having to make some large compromises due to low inventory and high demand in my market. 

What I want:

  • Side-by-side duplex with a garage in one of my preferred neighborhoods

    What I keep finding:

    • Single family homes with garages that break even or lose money when I move out after a year and begin to rent
    • OR 
    • Multifamily homes with no garage, no cash flow, or not in neighborhoods I want to live in 

    Should I continue to wait til inventory is a bit better or should I compromise to go ahead and get into the market to start putting some money into equity? My goal is to purchase low effort rentals every 1-2 years until I cash flow ~5k a month. 

    I feel like I'm not being creative enough, but when I do get creative on what I could do with a property, it turns into a higher effort endeavor. 

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