Start house hacking now or later

[Matt Mullarkey]

Hello All,

I am an aspiring REI just starting out and am looking to potentially house hack for my first deal. With all this covid stuff going on, is now a good time to start buying or would it be better to wait a few months and see if housing prices go down? Any feedback is greatly appreciated.

Thanks

[Abel Curiel]

Originally posted by @Matt Mullarkey:

Hello All,

I am an aspiring REI just starting out and am looking to potentially house hack for my first deal. With all this covid stuff going on, is now a good time to start buying or would it be better to wait a few months and see if housing prices go down? Any feedback is greatly appreciated.

Thanks

Hello Matt,

While we'll likely see prices go down in the coming months, now is still a great time to house-hack.

Here are a few reasons:

- Many buyers/investors in your market are fearful which means less competition for you.

- Mortgage interest rates are still low and we don't know how long this will last.

- Lenders are starting to tighten up their requirements. Although prices will likely drop, requirements may be a lot more strict in the coming months.

- Motivated sellers are more motivated than ever! Listings have been sitting vacant and without an offer in sight. Sellers are just as fearful as some of the buyers so this could be a great time to snag a good deal. 

- With all of the economic uncertainty and many folks losing jobs, you may find success in renting to section 8 or other rental assistance programs. Guaranteed rental income will be a huge bonus during this time!

I hope this was helpful, best of luck to you moving forward!

Abel