All Forum Posts by: Lawrence Taylor

As a new investor who is planning to house hack and jump start their real estate portfolio by getting started with a FHA loan, to acquire a multifamily property. I wonder how much this will really effect me, SO I would like to hear from the BP community on how much bearing you think this will have on new investors such as myself and others.

House hacking is a great way to get started, I would utilize direct mail letters to see if i could get a great lead to a property that isn't necessary on the market for lower price.

It is still house hacking if you live in the property, But running the numbers and knowing your market is what determines if it is a good deal or not. if you can get in under market price, would be ideal but again you have to run the numbers. This just doesn't follow the Brrr strategy (buy renovate rent and refinance) the renovaton part of the strategy is what helps to add equity to the property when you refinance. As a new invester this could have a lot of benefits, no surprises when you open a wall, dealing with contractors, etc. So i hope this helps and good luck on your real-estate journey.  

Run the numbers, post the findings of the best two or three deals and listen to the experts on BP. But eventually you will have to over come your fear. The sooner you get started the closer you will become to your end goal. You can do it, you have a whole community for support. i hope this helps.

thanks the great advice, i don't want to find myself on the wrong side of the law.

Let me give you a bit of a back story. i live in a prime area with one of the best school districts in the area, with two small children this is important to me. With that being said i want to invest in a multifamily family property using a FHA loan but i don't want to live in the property. So i was wondering if i could sublease the unit that i reserved for myself.

As a new investor it seems like a lot of risk and i say this for 3 main reasons. One protecting your assets on a property like this is a must, so good insurance and maybe even a LLC to separate your personal assets from this property if anything. Two i feel you are going to have a lot of late night phone calls about leaks and everything else that can go wrong. Last but not least the condition of the property determines the quality of the tenant.

The information that has been provided from you all has been greatly appreciated, and thank you to @Victor N. for taking the time to providing me with such valuable content. I will be sure to follow up.

Sounds great bro, i have been bitten with the multi family/house hacking bug also. I was wondering if you were utilizing direct mail.

I have decent credit but wanted to gage some opinions on credit repair services. Better credit can't hurt when you are approaching your first purchase. but i wanted to know the pros and cons and just some insight from the bp community. So thank you everyone in advance.