Newbie needing direction...

[Toi Perry]

I am currently paying $1600 ($800 each) for rent in Atlanta, GA with my boyfriend. We are desperate to lower our monthly living expenses and are currently saving in hopes of being able to house hack on a MFR when our lease is up in December through an 3.5%FHA loan. We both have great credit and will have about $12;000 saved together by December. I am very new to the REI world and am soaking up as much knowledge through the BP podcasts and YouTube. After reading through the forums for the first time today, I am feeling like we should just sign another low payment lease so that we'll have more time to search for a great deal.

1. We have 5 months until our lease is up, what should we be doing now to prepare for December?

2. Are there any other factors we should consider?

Any and all advice is appreciated.

[Mike Dorneman]

@Toi Perry if you haven’t already, begin searching for an agent, and be comfortable “interviewing” a few. Not all agents understand what we do and why a “beautiful house” isn’t always the same as the “right house” or smart business decision when you plan to “house hack”. Try to find an agent who actual invest as well and understands the rental market in your area. Also remember that it may take a few months, multiple properties and countless offers before you land your ideal property. That said, I’d rather have a month or two overlapnof rent and a mortgage if I found a great deal, than missing out because I didn’t want the payments to over lap. Simply build in the additional “double payment” into the overall deal costs and start looking now. Best of luck!