All Forum Posts by: Pax Magaway

@Pax Magaway I am a huge fan of the live in starts. whether you have remodel or a house hack component either way it is a great way to get started and learn the house before having tenants in it.

Congrats on nailing down your strategy and taking steps the right way! 

 I'm a big fan of house hacking AS an investment. Especially with increasing mortgage rates and the opportunity to pay a smaller down payment for owner occupied (and lower mortgage rates for owner occupied vs investor rates). Just stay for at least one year if you need / want to move (please speak to your lender for professional advise). As always this is only my personal opinion. Best wishes! 

@Pax Magaway- sure - but maybe a smaller scale  project   ( like  cosmetic upgrading )  versus  a major hack  ( like  ripping down to studs and  rebuilding ) 

@Pax Magaway- I recommend that your first home is your primary residence because 1) it takes a lesser dollar amount 2) you wont need to be concerned with ROI 3) you will learn by experience and if you make any mistakes - you wont have it affect tenants 4) if all goes well you will be able to flip it to a rental in the short future

I second @Andrew S. -- The House Hacking Strategy, How to Invest in Real Estate, and Set for Life (newly revised!) would all be great options for you to read! You can find them all at www.biggerpockets.com/store 

@Pax Magaway hello! 

If your goal is to build portfolio take advantage of First time homebuyer programs & grants and look into getting 2-4 unit property. In our state we work with $10,000 + down payment assistance programs, you get to keep more money in your pocket and save faster for the next property 🙃

I've been house hacking a duplex for 4 years now and I couldn't recommend anything above that. I think it depends on your savings rate and your goals. If you can purchase a house (PITI, maintenance, decorating, furnishing, etc) and saved $1000+ plus per month then get a house first. However if you can reduce your living expenses to as low as possible (house hacking is a common method), then your options will be greater than you may imagine. Living in a duplex is NOT as cool as many of my friends houses. However I can live off my rental income after 4 years; all due to no living expense has allowed me to save additional down payments. The rest of my life, my rental income (not my W2) will pay for whatever house I want. Which I think is cooler than living in a cool house in my 20s.

+1 for any of the house hacking BiggerPockets books. Set for life, Housing hacking, etc.