Newbie seeking guidance

[Evan Morgan]

Hi Everyone!

My name is Evan, and I'm pretty new to the concept of real estate investment. I'm still in the 'study' phase and have questions I can't seem to find the answers to. I currently live in Ma, but am interested in the area around Charlotte, NC. I'd like to start with house hacking a duplex, but my wife refuses to live in a multi-family if we're going to buy. We're starting with very little and have a child on the way, but my goal of becoming a successful real estate investor is solid. Is there a way to get both? Or at least to get our 'forever' home first?

I'm extremely grateful for any guidance, advice, knowledge, or direction.

Thank you!

[Joshua Noth]

Welcome to BP @Evan Morgan, and congratulations to you and your growing family!

For your REI situation: If your wife refuses to live in a small MFH, then might as well ditch that idea while we can. Best not to get attached if its a hard "no". However, house hacking can still be achieved outside of a MFH... You could do a rent by the room strategy where you rent out the other space in your new home, but especially with a little one on the way that can be very challenging. Another option could be to find a SFH with an ADU and rent that unit out while living there.

Keep in mind, while not always the case, FHA offers tend to lag behind others in a competitive market. It is not to say that they don't work, but something you want to make sure you have the proper expectations on. Chat with a local agent in that market to get an inside scoop of strategy and how to best structure your offers/gameplan to secure a great property for you and your family.