located in Missouri entering House hacking

[Ryan Orr]

Hi, my name is Ryan Orr. I joined Bigger Pockets because I plan to House Hack a Duplex in Missouri. I have no experience in real estate and have no mentor so I joined to grow my knowledge and better prepare for the journey I'm about to start. I am currently still in school so I am relying on my good credit score and loans to get started.

If anyone has any good tips to point me in the right direction, all are welcome!

[Ty Coutts]

Hey Ryan,

Its awesome that you are entering into RE investing. It is truly the best way to build generational wealth. Here are some tips from my experience:

Educate Yourself: Since you're new to real estate, continue leveraging resources like Bigger Pockets to learn as much as you can. Explore articles, forums, podcasts, and connect with experienced investors who have gone through similar journeys.

Understand Local Market: Research the real estate market in Missouri, especially in areas where duplexes are prevalent. Look for neighborhoods with potential for rental income and growth.

Financial Preparation: Given your reliance on loans and good credit score, continue maintaining and improving your credit score. Understand the financing options available for first-time investors and explore FHA loans or other programs tailored for owner-occupied properties.

Networking and Mentorship: While you're already connected to Bigger Pockets, actively seek out mentors or local real estate investor groups in Missouri. Networking with experienced investors can provide invaluable insights and guidance specific to your market.

Property Search and Due Diligence: Once you're familiar with the market and financing options, start actively searching for suitable duplex properties. Conduct thorough due diligence, including property inspections and financial analysis, to ensure it aligns with your investment goals.

Property Management: Since you'll be living in one unit and renting out the other, familiarize yourself with basic property management practices. Understand landlord-tenant laws in Missouri to protect your investment and maintain good tenant relationships.

These tips should help you kickstart your journey into house hacking. I am a loan officer so feel free to reach out if you are interested in financing, or if you just want to discuss further/have questions. Good Luck!!