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Updated almost 2 years ago on . Most recent reply

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Robert Atwood
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House Hacking Personal Finance

Robert Atwood
Posted

Hello everyone - I am curious about learning more on how to effectively finance for my first house hack.  I have around 10k saved up and just moved into a new appt.  Ill be splitting rent w my gf and we'll have  around $800/month each in fixed exp.  Does anyone have suggestions on how much to save, where to go for your first loan, things to avoid and certain things to look for.  Please reach out if you have any advice. Im open to scheduling zoom calls too to discuss practice deals and possible opportunities.  

Most Popular Reply

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135
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Joshua Filkill
  • Rental Property Investor
  • Columbus, OH
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Joshua Filkill
  • Rental Property Investor
  • Columbus, OH
Replied

Create a budget and know exactly where all of your money is going, there are many good apps for this but you could also make a simple spreadsheet. One easy way to automatically save is you can see if your employer allows you to direct deposit into multiple accounts. You can have them put a certain percentage automatically in your savings, this is an easy way to automatically save and not touch that money. 

As @Ryan Thomson mentioned, there are plenty of downpayment assistance programs so talk to local lenders in your area. Some lenders have their own low downpayment programs and some even don't require PMI. Make sure to account for closing costs and prepaids when saving and not just the down payment, you can talk about this more with your lender. Finding a good realtor in your area will help a lot, they can send you some good lender recommendations.

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