Multi family house hacking.

[Emily Wolters]

Me 21 and my husband 24 are looking to start investing in multi family, our plan is to buy 3 or 4 unit properties, live in one unit and rent out the others one year at a time until we have a cash flow good enough to quit our jobs and have children. I’m just looking for tips from people that have kinda been in my same situation and might have some advice for us. Thank you!

[Benjamin Sulka]

Quote from @Manny Vasquez:

Emily- Welcome to the BP community! This is the best place for all things real estate related. This is what I recommend for you to get started in your real estate journey:

1. Start saving as much as you can. Depending how much you earn you can step up those savings by getting a side-hustle in any part of real estate....working for a top Real Estate office on weeknights and weekends, working for an RE Investor, working for a General Contractor and learning a few skills, etc. This way you can ramp up your savings AND learn some RE skills.

2. Read as many RE books as you can get your hands on. Here are a few I recommend: "Rich Dad, Poor Dad" by Roberto Kiyosaki; "Set for Life" by Scott Trench; "The Unofficial Guide to Real Estate Investing" by Spencer; "The BiggerPockets Ultimate Beginners Guide" found here on BP; "The Book on Rental Property Investing" by Brandon Tuner. This will give you a good starting point.

3. Buy a property as soon as you can. The earlier you start in your RE journey, the better off you will be in the future. Almost everyone here on BP will tell you that they wish they had started earlier, myself included.

4. House-hack, house-hack, house-hack. This will give you several benefits. The most obvious is that you will be able to offset your mortgage with renting out a few rooms and/or units. You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property. House hacking will also give you some personal "property management" experience. This will come in handy as you begin to scale.

5. Decide which game you want to play. Do you want to be a house flipper? BRRRR? Real Estate Agent? General Contractor? Buy and Hold? Do you want to LTR, MTR, or STR? Or maybe you want to do a combination of the above?

6. Attend meetups and meet as many people in RE as you can. Since you are just graduating college you may already realize that it's not what you know, but who you know (as a personal note, I had college friends that were barely passing their classes however they ended up with really good paying jobs due to "who they knew"). As they say, your network will be your net-worth.

7. Timing the market does not work. However, time in the market makes all the difference in the world!

I hope this helps and good luck on your real estate journey!

Replying to this comment because all of this is fantastic. Love the time in the market piece because you'll hear so many people who have never bought investment real estate ask why "you're buying when rates are so high" etc. 

I'm buying my first house hack in the next 3 months and am experiencing these same sentiments. 

Any time you want to seek advice about house hacking, come to the forums. Don't take advice from people who have no experience doing what you're trying to do and aren't going where you're going. 

You got this!