All Forum Posts by: Nick Bradshaw

@Nick Bradshaw

Congratulations for choosing to start with house hacking as your entrance point into the world of real estate investing! As it enables you to live in one unit of a property while renting out others to pay your housing bills, house hacking is an excellent strategy—especially for first-time homebuyers. To help you get started with home hacking, consider the following advice:

1. Establish Your Goals: Make sure your objectives for house hacking are clear. Establish your budget, the kind of property (duplex, triplex, or fourplex) that interests you, and the degree of property management participation you desire.
2. Budgeting and Financing: Determine how much you can afford by taking stock of your financial situation. Investigate your choices for financing, such as FHA loans, which sometimes have lower down payments. Talk to mortgage lenders
3. Examine Transactions: Gain expertise in evaluating real estate transactions. Be familiar with calculating ROI, prospective cash flow, and other important measures. Guidance can be obtained via tools such as the 1% rule.
4. Form a team: Assemble a trustworthy group of experts, such as a mortgage broker, property inspector, real estate agent, and maybe even a property manager. Establishing connections with nearby experts is crucial.
5. House Hacking Strategies: Examine various house hacking techniques, such as renting out individual rooms or residing in one flat and renting out the others. Select a plan of action based on your objectives and lifestyle.

Remember, every real estate investment journey is unique. Start small, gain experience, and use each property as a learning opportunity. House hacking can be a powerful strategy to build wealth and financial independence. 

Good luck!

Welcome to the investing world! Obviously make sure that potential rents cover the majority, if not all, of the mortgage payment and other expenses. If you’re owner occupying, you’ll qualify for different loan types than you would if it was purely an investment property. Do you plan on renting to friends and family or complete strangers? If it’s a completely separate unit in a multifamily, typically tenants are responsible for utilities to streamline your costs as much as possible. Also should have some ideal about what your timeline is and what your main goal is. Is your main goal to have a primary residence for the foreseeable future or is your goal to get as much cash flow as possible…those two aren’t always the same thing. I’m in the Syracuse area and would be happy to answer any questions if you have them!