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All Forum Posts by: Zach Wright

Zach Wright has started 6 posts and replied 24 times.

Post: House hacking for a first time home buyer

Zach WrightPosted
  • Rental Property Investor
  • Western MA
  • Posts 24
  • Votes 3

Hey @Ana Coello,

Thank you so much for sharing - it's great hearing about REAL experiences and what the take-aways were.

I have already used up my free trail for the analysis tools, so I may be signing up for BP Pro myself! Do you use these tools exclusively, or are there other analysis tools that you would recommend? I have found it helpful to play around with the numbers (purchase price, rehab cost, down payment, expenses, etc.) and see how it changes the numbers (cash on cash return, cash flow, etc).

I totally agree with your second bullet as well - based on my research so far it is vary rare to find a duplex that will pay for mortgage and expenses (with just 1 unit's rent), but it will significantly subsidize my monthly living expenses overall. Which is a win!

Also, what is an REA? Is this a type of meet up? If so, I think this would be a great way to network.

Thanks again!

-Zach

Post: House hacking for a first time home buyer

Zach WrightPosted
  • Rental Property Investor
  • Western MA
  • Posts 24
  • Votes 3

This is awesome advice! 

I wasn't aware of the FHA 203(k) load - I will look into this option. Seems like this will require less money down and may put me in a better position to rehab the property.

Really appreciate the input!

Post: House hacking for a first time home buyer

Zach WrightPosted
  • Rental Property Investor
  • Western MA
  • Posts 24
  • Votes 3

@Bob Okenwa

This is great advise - thanks for taking the time to comment!

I agree - seems like FHA loans are generally targeted at first time buyers and new investors, but I will now research other options with comparable down payment amounts.

I have been listing to bigger pockets pod for about 6 months now and am becoming more familiar with real estate terminology. I am still struggling to get over that “hurdle” of feeling comfortable and confident with a deal. Maybe this just means that more analysis is needed, but don’t want to get stuck in analysis paralysis.

Any advice based on your experience for feeling great about committing to a deal?

Thanks!

Post: House hacking for a first time home buyer

Zach WrightPosted
  • Rental Property Investor
  • Western MA
  • Posts 24
  • Votes 3

I'm 22 years old and graduated from college in May, 2019 - now looking forward to buying my first property within the next 6 mos.

I have narrowed my criteria (location, property type: duplex, and budget). I am now searching for deals and trying to understand the analysis process for "house hacking". The idea is to use an FHA loan to finance the property and create value by fixing up while living as a primary residence - seems like a house hack + BRRRR scenario.

Looking for advice on getting started with analyzing deals and understanding any important indicators to look out for.

Thanks in advance!