All Forum Posts by: Joe Mack

@Andrew Powers thanks for the advice! House hacking is definitely the best foundation. Have a good day!

So I've come to the conclusion that I'm going to go the house hacking route after I'm done with highschool and acquire them with FHA loans, then keep trading up properties every two years with a tax benefit.

However

I’ve also realized credit history will be my biggest obstacle starting out.

Would it be best to continue my plan at house hacking or should I get into commercial real estate were it matters more about the properties financials then my personal finances?

Keep in mind I will be graduating highschool with 24,000 from a lawsuit I was involved in.

@Ethan Perry Thanks for the advice, I appreciate it!

@David Kelly Great! Thanks David!

@David Kelly thank you for the advice! What should I do if I want to move into a house hack anywhere in the US and I have to quit my job in my hometown? Would the two years carry over?

@Amberly Jones thank you for your input! I’m going to look into ways to build my credit now!

So I am approaching my 18th birthday and once I graduate I plan on using an FHA loan and putting 3.5% down on a house hack. Here's the issue... I'll be 18, realistically the bank will need some credit history and reported income. So how can I get financing for my first deal? Yes i could partner with someone or even try to build my credit early? I'd love to hear what you guys think on how to finance a deal as an 18 year old.

@Jereck Galloway

That’s a great strategy. I think I’ll go along those lines. Just have to find a property that will work! Thanks for your insight, just trying to find a property that will have over a 1.2 DCSR.

@Noel R.

Thanks for getting back to me. I was thinking the best thing to do would be to find a great cash flowing property and use a fha loan and house hack. Keeping around 5-10k in reserves. I just need to find a property that will cash flow and has over a 1.2 DCSR. That’s been the hardest part when searching for a property to hack.

So let's say for instance... you have just received $30,000 in cash to invest in real estate. What could you personally do with $30,000 in real estate? Sure you could get a nice property with a FHA loan and house hack by just putting 3.5% dowm, or would you buy a property worth $150,000 for 20% down? Obviously there are many ways you could invest $30,000, however I want to know what would you personally do with $30,000 dollars to begin your real estate portfolio.