Hello Bigger Pocets Community!

[Jacob Reilly]

I am 24 years old, renting in Mansfield, CT, and am working in Willimantic, CT as a school teacher. I am interested in beginning my buy and hold portfolio by "house hacking" in either Willimantic or Manchester, CT. I plan to use an FHA loan to acquire my first property with the potential of a 203k loan if need be. I am currently working with a realtor who has investments in the area who seems to understand the investors mindset. I would like to close on my first property by June, so I will be on the school schedule with leases, and the one year owner occupant requirement. This would allow me to do the same thing under my girlfriends name next year if I find that I enjoy being a property owner/manager/landlord. I would love to touch base with any local investors who are doing a similar thing in my area, and look forward to continue benefiting from the incredible information found all around bigger pockets.

Thanks to everyone for all of the great advice and information.  See you around the forums.

-Jacob

[Steven Gesis]

Originally posted by @Jacob Reilly:

I am 24 years old, renting in Mansfield, CT, and am working in Willimantic, CT as a school teacher. I am interested in beginning my buy and hold portfolio by "house hacking" in either Willimantic or Manchester, CT. I plan to use an FHA loan to acquire my first property with the potential of a 203k loan if need be. I am currently working with a realtor who has investments in the area who seems to understand the investors mindset. I would like to close on my first property by June, so I will be on the school schedule with leases, and the one year owner occupant requirement. This would allow me to do the same thing under my girlfriends name next year if I find that I enjoy being a property owner/manager/landlord. I would love to touch base with any local investors who are doing a similar thing in my area, and look forward to continue benefiting from the incredible information found all around bigger pockets.

Thanks to everyone for all of the great advice and information.  See you around the forums.

-Jacob

 Hi Jacob! Welcome to BP! Sounds like you are on your way to complete your first house hack and will be considering mastering another one to follow quickly. You need all the right people in place for this to be successful. Make sure you hit the following check points your deal will be a complete success:

!) Use an experienced 203k lender, not someone that has done (1) or (2) just google 203k lender for your immediate area, call (3) get best rate, listen to experience pick (1)

2) Its all about value, in some cases you can go 110% of appraised value, giving you more money for your renovation if you need it, depends on your situation and market. Be REALISTIC! do not get carried away, play conservative on your first deal, leave some room for error.

3) Find a qualified and experienced contractor, do not settle for cheapest, you want experience here, because their is a significant administrative burden not only paperwork, proper formatting, but also financial constraint on the contractor as these sometimes have $0 prepayment to contractor. Keep it simple, search the 203k contractor database, you wildlife one in your area, call a few then pick best one.

These are the basics if you need mor help send me a private message, happy to help.

Also, check your local municipality where you are purchasing or there state department of commerce or other, to see of they offer a first time hime buyer credit or incentive, you may be able to get everything for $0.00 out of pocket almost.

Anyhow, much luck! KEEP IT SIMPLE USE A TEAM USE EXPERIENCE