Ready to Invest - House Hack

[Nathan Roodzant]

Hello everybody! I am moving into the Pensacola, FL market in about 3-4 months to start flight training for the Marine Corps. I would like to buy a 2-4 unit house hack at or below the $300,000 price range in the Pensacola area using the VA loan. I have been reading and listening to real estate investing material since 2016, and am now in a position in my life to buy in the next 3-4 months. I would love to connect with any investors, agents, wholesalers, and anyone who would be so kind to impart their knowledge on me as I start this journey. Thanks!

[Alan Asriants]

Good luck with you House Hack Journey!

Consider these few things when looking at property:

1. Find an agent who knows property (not just location, but can analyze condition, mechanicals, etc)

2. Location is most the important thing to consider

3. Property type is the next in importance. If you can, find a property preferably built after 1970's and that was built as a multi family (NOT CONVERTED). Reason for this, and I'd argue this is one of the most important, is that there are a lot of MF properties that have been converted back in the day. These were often times poorly converted. Utilities not fully separated, poor layouts, old buildings, dated mechanicals, plaster walls,etc. You might think a home inspection will save you, but the inspector isn't going to be pulling apart walls, so they might not find anything wrong with it.

A built as MF property built after 1970 will usually have more favorable layout, sheetrock, romex electrical, maybe even PVC plumbing, etc

These properties are generally easier to work with as everything is logically separated and you can usually understand what is going on behind the walls.

Converted MF is a cat in a box

Source: bought my first MF property and struggled to renovated cost me over 180k to make everything "correct"

Good LUck!