BUYING FIRST HOUSE HACK PROPERTY!

[Hector Salas]

HELLO BP COMMUNITY ME AND MY WIFE ARE ON OUR WAY TO BUYING OUR FIRST RENTAL PROPERTY. WE PLANE TO HOUSE HACK. ANY ADVICE WILL BE MUCH APPRECIATED. THANK YOU IN ADVANCE. 

[Brandon Rush]

Hey Hector, 

Happy to hear you are planning on house hacking, it truly is one of the greatest ways to enter real estate investing and has so many benefits (as you probably already know).

I would recommend you take advantage of a first time homebuyer program (assuming you never purchased a property before). Call a few local banks about these programs, you will find something. 

Also, make sure you wife and family (if you have children) are ready for this adventure. House hacking will require you to be a landlord (which is not a bad thing), which will require management of your tenants. When I first started house hacking, this scared my wife a bit but I just kept reminding her everything was going to be ok and we can select who our tenants are. 

Lastly, I would suggest being creative in your house hack. Look at all of your options and consider which bring the best returns for your market. Some markets do not have many multi-families so renting by the room is your best option. Some markets have plenty of multi-family inventory and picking up a 4 unit would probably be your best option.

Please reach out with any questions you have. 

Good luck, it's going to be a fun ride!