house hacking/investment property in Northern NJ

[James Cabral]

Hello everyone, 

My wife and I are looking to get our first home as a house hack in NJ. Our goal is to live in it for 1-3 years and resell. I'm also interested in looking into getting an investment property outside of NJ (Houston area) this same year and hold it as a long term investment after we get our house hacking home. Not sure how much of this is possible to do in one year, especially as new investors. Having some trouble on where to begin and what to consider. Also unclear how likely I would get pre-approved for an investment loan once I settle in our "primary residence" as a house hack. I would appreciate any feedback. Open to hear what some local agents have to say or know. Thank you

[Ben Einspahr]

@James Cabral Love the vision and always planning one step ahead. As others have mentioned, getting that second home in Houston may be challenging from a lending prospective.
First step would be connect with a lender and lay out your business plan. Who knows, you might be able to use the rental income from your HH (if you have signed leases) to offset your DTI and qualify for that next investment property.

But keep it simple. Focus on this first house hack acquisition. Get it under contract and stabilized then plan next steps. Why I say that is to not get stuck on step 3 and 4 if you still need to complete step 1. 

For me personally, my investing goals/ strategy changed 6 months after my first house hack. Long term vision still stayed the same.