Newbie thinking of doing this

[Natasha Richardson]

Hey all. I’ve been wanting to get my foot in the door with real estate and I’m thinking about house hacking and land-lording it myself. I don’t have any experience just been reading a lot of material to learn about what’s required. Am I off my rocker?

[Dennis M.]

@Natasha Richardson Nope it’s one of the best ways to get started by using a fha loan and buying an apartment house . Get educated and start saving .

[Anthony McEvoy]

@Natasha Richardson: Roll up the sleeves and go in.  Don't rush into a bad situation.  Still have an appropriate amount of patience to find a deal that will cash flow.  Best of luck!

[Dan Barli]

That sounds like a great way to get started @Natasha Richardson! If I could go back in time, I would very strongly consider house-hacking to learn more. Just run your numbers and make sure you are comfortable. Then go for it! 

[Natasha Richardson]

@Dennis M. Thank you so much! I have some cash. About how much do you think I need roughly? I know it depends on a lot just trying to get a sense of how much I will be spending at closing and all that. I have 20k+

[Natasha Richardson]

@Dennis M. And that’s exactly what I’m read about. Getting the fha loan so I don’t have to put as much down 🤗

[Natasha Richardson]

@Anthony McEvoy thank you! I’m still learning how to analyze and run numbers but I’ve learned a lot already!

[Natasha Richardson]

@Dan Barli thank you!! It’s so helpful to hear from others experiences. Thanks again!

[Dennis M.]

3.5% down is all you need if you qualify 

[Natasha Richardson]

@Dennis M. Then I’m Gucci!

[Demetrius Hargrove]

@Natasha Richardson advice i was given: "get pre-qualified to know how much you can get funded for". that way you know how far your 20k can take you. Then do the numbers and if it makes sense, why not.

[Natasha Richardson]

@Demetrius Hargrove thanks that’s a good idea. Is that something a realtor can work with me on?

[Demetrius Hargrove]

@Natasha Richardson you would have to reach out to lenders for that. From the little experience that I have, they'll ask you a few questions crunch some numbers and will be able to give you the info you need. i think they may also give you a pre-approval letter if you have a deal on the table. But the absolute next step if you have the cash is to see who can lend you what.

[Natasha Richardson]

@Demetrius Hargrove got it. I’m on it. Thank you.

[Andrew Harrell]

Hi @Natasha Richardson,

I recently purchased a Multi-Family with an FHA and would recommend you do the same if you're financially able to. It's not rocket science but does take some sacrificing, patience, work ethic, and ambition. Happy to assist you if you're still looking. Take care!

[Alina Trigub]

@Natasha Richardson You're on the right track! Continue educating yourself by reading books, listening to podcasts and networking with local RE PRO's. Try to concentrate on house-hacking technique to digest more before you purchase your first deal. Also to add to what others mentioned about getting pre-qualified, etc, it also comes down to building your team prior to finding an investment. You may need  the following people on your team: mortgage broker, insurance agent, RE attorney, accountant, GC, handyman (down the road). So start building this team now. 

Best of luck!

[Natasha Richardson]

@Alina Trigub thank you! That’s on my todo list to start building my list of contacts. I have a realtor and mortgage broker so far but I have connects with others that are already in the game that I can leverage. Thanks for your help!

[Natasha Richardson]

@Andrew Harrell that’s exactly my plan! I’ve got some pre-approvals in the fire and my down payment already. The most challenging part for me is going to be running the numbers and analyzing the deal but I have people I can lean on for that and then there’s always here ☺️

[Andrew Harrell]

@Natasha Richardson, glad to hear you have some people around you. My words of advice, be patient and don't settle, keep educating and go outside your comfort zone to learn what you don't want to but what you need to. I'm around as a resource if you'd like. Take care!