First House Hack

[Abigail King]

Hello Everybody! Working on my first house hack, I was just wondering how everyone got their first house hack and how that process went for everybody. I would love to connect, I am here in Peoria, IL

[Matthew Kwan]

HI Abigail,

Acquiring a loan, lenders always look into 3 metrics Income/Assets/Credit. You can acquire your first primary for 3-5% down for conventional or 3.5% FHA + upfront cost for fha specifically. Many people usually start off with house hacking where you purchase your primary and rent out the other vacant units/rooms to lower your mortgage payments. Once move out, it is important to know the numbers if you would cashflow +/- or breakeven. Those are just some things to consider Albert Bui Carlos Valencia

[Derek Brickley]

Hey Abigail!

For my first house hack, it was actually pretty straight forward.  First I got preapproved (I know... another lender saying to get preapproved) of course it was important to my realtor and offer, but more important it gave me insight into what I could expect for cash needed, payments, etc.  It helped I got to work through the options myself, a job benefit maybe haha.  

Then, I had to research a few different areas/markets to see what made sense.  I wanted to find a hybrid market personally (decent cash-flow with appreciation potential).  Once I had a few in mind and was working with a realtor that understood my target market, we could narrow down my search results. 

It took a little while, but when it popped up on the MLS I was well-prepared to submit an offer and even in a multi-offer scenario I was able to make my offer stand out (happy to go into how we did that if that'd be helpful)

[Wale Lawal]

@Abigail King

Starting a first house hack in Peoria, IL involves researching, education, financing options, and management tips. Early house hackers often start small, learning property management firsthand. Target neighborhoods near Bradley University, research rents, join real estate investment groups, connect with local agents, use the 1% rule, prepare for financing, and seek advice on cash flow and property analysis.

Good luck!