Hello Bigger Pockets Community!!!

[Noah Jacobson]

Hello Bigger Pockets Groupies!

My name is Noah Jacobson, and I am BRAND NEW to the Bigger Pockets community and the world of real estate investing. A bit of background about myself: I just turned 25 years old, graduated from Hamline University (in Saint Paul Minnesota) in 2019 with a degree in Economics. I started my job in public accounting as an auditor, and recently took a new job a couple months ago in industry doing accounting for private equity funds. I currently hold an active CPA license in the state of MN. 

A friend turned me on to Bigger Pockets and over the weekend, I finished 'How to Invest in Real Estate', and found it absolutely fascinating. I have recently gotten very interested in house-hacking, and this is the first step I would like to take in my real estate investing journey. I have a couple of friends that do it, and after seeing how they are able to manage, and reading the book, it seems like a no-brainer. My girlfriend and I currently rent a one bedroom apartment, and it seems such a waste to be throwing money away on rent each month (and year) when that money could be going towards equity in a property, with someone else assisting in paying the mortgage with house-hacking! 

However, even after reading the book and seeing my friends start, I will confess something - I am VERY scared about purchasing a home. To me it seems like such a large purchase, something so permanent, that I feel I need to make the perfect decision, or I won't make one at all. I'm not sure if anyone can relate to this, but this is how I'm feeling currently. So doing my best to try and put those thoughts behind me and being analyzing deals. I would appreciate any advice, tips, tricks, or anything anyone has to offer about the world of house-hacking and getting started on your real estate journey. Thank you all so much in advance, and I am so excited to be a part of this community!!

Noah

[Jeff Schemmel]

@Noah Jacobson house hacking is a great way to start.  Get to know homeownership, landlording, and learn how to manage your home while living in it - you get a bit more flexibility here and it's a little easier for most to swallow the risk if you're feeling like it's a big leap.  Also, you seem like the type to trust the numbers.  I recommend setting up your own rental analysis calculator so the numbers are YOUR numbers, and you're intimately familiar with them.  I invest and house hack in STP, and there are many of us here happy to share our deal analysis techniques, what we've learned, tips and recommendations.  @Tim Swierczek is a phenomenal lender and can give you a solid strategic perspective on what options you may have as a buyer.  Forming relationships with good lenders is something I always recommend to a buyer before they start looking.  A great lender will set you up long-term and look strategically at your first purchases and your financial situation and make recommendations to set you up long-term, not just the first transaction.  I highly recommend partnering with lenders, agents, CPAs, Attorney's who are investors or have a long track record investing so they can give you the perspective you need.  Lastly, regarding feeling like you need a perfect deal, I don't think you do.  The most important thing is to get in and start learning.  Trust your numbers, but perfection isn't required - and the best thing I could say here is "every day you're not investing, is a day you're not gaining appreciation,  cost of living reduction, and experience in the business." - good luck, reach out anytime!