Newbie Looking to House Hack Possibly

[Dominic Campelo]

Hello, I am new to real estate and looking to get into it and out of renting and starting to work on building that generational wealth. I am a self employed residential general contractor. This year we cleared about $530k revenue which was like a 3.5x from last year which returns were negative for 2023 , but I'm assuming that's not going to be the case for 2024 once we file. This being said, I don't believe we'll be able to meet the income requirements to qualify for a conventional.

This leads me to believe hard money or private lender is more the only option to get my foot in the door, use my business to make repairs at very good rates, build some equity then refi once the balloon is due. 

I have ~750 FICO score. And about $20-30k I could put down immediately if needed. I also have a $50k line of credit I can tap into when needed that will grow as I keep growing the business.

Right now my rent is about $1700 where I've been staying for over a year, but really wanting to trade that for a mortgage and start building that equity. I am looking for in the MA/NH border area, Tyngsboro, MA, Dracut, MA area etc. as I am trying to have half the property tax of NH while working in NH and not having to pay that income tax.

If there are any pointers anyone experienced would have, I would greatly appreciate it.