New Aspiring Investor

[Drew Sharkey]

Hello everyone,

My Name is Drew Sharkey. I'm 19 years old and I live in Sycamore, or DeKalb, Illinois. I currently work full time as a cable installer/ Broadband Technician. I've been listening to the bigger pockets real estate podcast for about 7 months and I've finally decided to give the sight a shot. Right now I own no real estate and I pay rent for an apartment. I want to be a full time real estate investor someday. One goal I have right now is to start a house hack this summer with three of my friends as my "tenants". Hopefully I can learn a ton on here and start taking steps towards forging the future I want for myself.

[Russell Holmes]

@Drew Sharkey Welcome to BP, you've come to the right place! This site is a literal goldmine of information on a broad range of strategies. House hacking would be an incredible start in your position. Low down payment and the ability to have little to no housing payment. FHA and Conventional owner occupied loans (usually 5% down vs the 3.5% for FHA) require one year of occupancy. You could potentially buy one property each year with an owner occupied loan, moving out of the current property for the next. Quite a few investors with very large portfolios did this to build up their first 5 or 6 properties.

I will say, moving every year is FAR easier when you're young and single with (presumably) no kids.  I'm in my mid 30s with a wife and five kids aged 8-13 (don't bother with the math, some stepkids some biological in the mix, love them all...haha). I love my big family, but I'm not prime house-hacking material like you are. I really wish I had learned about the strategy when I was 19.  I am, however, teaching all of my kids about house hacking and Real Estate investing.  I'd be one happy Dad if they all grow up to move out into their own house hacks that their friends help pay for.