First Property - House Hacking Strategy

[Caroline Knight]

Hey everyone!

I am moving to the Chicago area in June and want to use this opportunity to start my real estate investment journey! My plan is to buy a small multifamily property and househack. I am fortunate enough to have access to the VA loan and have a bit of reserves saved up for anything cosmetic needed or wanted before moving in and renting out any of the units but not enough for a substantial rehab. Has anyone else started out this way? Id love to hear anyone else's experience using a VA Loan for a small multifamily property (2-3 units) and any tips on what to avoid or make sure to do!

[Ryan Thomson]

Hey @Caroline Knight I can't give advice for Chicago as I focus on House Hacking in Colorado Springs. BUT....

Here are some resources I found really helpful on my journey:

1. For podcasts I really like the House Hacking episodes on Bigger Pockets Podcast and other channels. Here is a playlist with the best House Hacking Podcasts I’ve found: https://open.spotify.com/playlist/4A6uLsPfdWEMmJhG4TSjyb?si=743bb403548f47fb

2. Great beginners guide: https://www.biggerpockets.com/blog/wp-content/uploads/2022/08/Ultimate_Beginners_Guide_BiggerPockets.pdf

3. The Book on House Hacking Strategies by Bigger Pockets is also a fantastic book

4. Happy to talk if you want more advice

5. Connect with a realtor who understands house hacking and has invested themselves

6. Connect with a lender to see what you qualify for and how you can improve that situation

7. Go to local Real Estate meetups and learn from people there