Hello everyone,
I'm just starting out in the Atlanta Metro Area and I'm looking to buy my first property in the next 3 - 6 months. I've been reading over the forums regarding house hacking and I've come to a couple conclusions:
1. It is difficult to cash flow in most major cities
2. I should always avoid negative cash flow (which is what I'm seeing)
3. I should look at house hacking as a way to reduce my living expenses
All of that makes sense to me but in my personal situation, I live with my parents for free. If I were to house hack, I would actually be increasing my living expenses significantly. Currently, I'm able to save 2,000 per month just for investment purposes by living with my parents. I want to start my REI journey but I wonder if house hacking would be the best option.
At the moment I have about 30K ready to invest. With a FHA Loan I could easily afford a 300,000-350,000 property and start my REI journey. If I go the conventional route ,at the pace of my savings, I would be able to afford a property in that price range a little over a year later. Not including closing cost.
My only goal with this first property is to position myself to get a second property. However, I don't see how I would be able to do that if I am not cash flowing or worse, ending in a deficit.
Any perspective, strategy or help with my situation would be greatly appreciated. Thank you all in advance.
P.S. because it is my first property I want it to be local to me.
