First time house hacking at 24

[Austin Haynes]

I am currently 24 years old and am under contract for my first house hack! It is a up and down duplex both units are 2 bed 1 bath. I would love any advice from people who have house hacked before about what they wish they had done and what they wouldn’t do again. I plan on house hacking a new property every year for the next 5 years in order to accelerate my portfolio while also acquiring other properties in between. Any advice would be amazing!

[Jonathan Greene]

You don't need to take the HELOC if you plan on swapping the FHA out every year when you refi the house you are living in at day 366. The best advice for house hack number one is to learn how to be a good landlord. Make sure that over the course of the first yeat, you still spend money to reduce your future CapEx at the property. You want to leave property number one in the best shape when you go to property number two. Too many investors skimp on repairs and then leave and have lower cash flow at property number two, but then all the repairs come due at property number one.