It's not just about slapping a price tag on stuff; it's about effective communication and making sure you get those green bills in your hands.

I had no money to put down on any properties, so I learned (a lot) and put in a lot of hard work and effort to get some properties under contract.Initially, I had no clue what I was doing, but I had the help of some people (and I appreciated that)I made mistakes that cost me around $30k (lost a deal due to my ignorance regarding title and escrow)The good news with wholesaling is that it doesn't take a lot of capital upfront, and you can start talking to sellers and learn about the industry in general.The other good news is that you can without a doubt generate revenue quickly if you do things correctly (having a good TC / title / escrow connection that keeps deals moving on the backend)That said, there are a few points that I've come to live by:1.

You can get some estimates from contractors for what they charge for big ticket items like to renovate a bathroom, renovate a kitchen, replace the furnace, replace the roof, etc.All wholesale deals should have free and clear title and you should be able to see the sales agreement before submitting the earnest money deposit.

Make sure you understand the auction process and are prepared for any unseen issues with the property.Auction Considerations: With auctions, pay close attention to the condition of the property, title issues, and financing restrictions.

The land loan is in 1st position on title which would put the loan to build in 2nd position.

He wanted me to paypal him 750 so that he would send the 20k needed to bridge the gap in the loan.The easiest way to spot a red flag is to start with going through a title company. hopefully you did nto give this person your social security number or other private information.

If that is a stretch as to your qualifications, I would not recommend this as it would with relative quickness go to the attorneys to move forward with drafting, inspections, title search, etc.

Each closing, whether multi-family or single family, is going to have some of the same costs: title insurance, attorney fees, inspection fees, appraisal fees, fees associated with financing, etc.

If it's in a high tax /flood area taxes and insurance could easily be 5-6k or half that then with title insurance points and closing it could make senseWhat is the breakdown ?

To answer your title directly, house hacking is entirely worth it and if you're willing to be a landlord it's 100% the best springboard to financial independence.