Lesson #2 - Never intentionally do anything illegally!

For example, if you start with a big single family home in the suburbs, then want to hack a 4plex in Minneapolis the following year, there will be questions regarding your true intention to occupy that 4plex as your primary.

I’m sure you’re well intentioned - and want to learn the real estate industry while earning some money.That being said, I’m going to provide you with some hard facts; “wholesaling” is NOT anything like what is described in YouTube videos, guru seminars, or lead on to $40k mentorship programs.  

I would definitely say this is house hacking, as you are purchasing and living in a home with the intent of making it a rental.

I love helping investors as they are majority of my clients, but I can't spend time educating dreamers without a real intent to do business. 

Note I have every intention of doing exactly what I told them I would do and I suspect every tenant has believed I would do as I say because their interactions with me would not lead them to another determination.This explanation combined with good screening and some good luck has so far resulted in no need to evict anyone in 50 years.  

@James WisniewskiSometimes the banks won’t understand your intent and assume you mean second position rather than first and then tell you that you can’t get a HELOC for the amount you want.  

Hello,My buddy and I are considering purchasing a house with the intention of renting it to SUNY Cortland students.

This could be anything from a Letter of Intent as a prelude to a purchase contract to an actual purchase contract with an OPTION to purchase for a small option price subject to a defined time due diligence period.  

Never buy a property with the intent of changing a neighborhood or a city unless you have capital to waste.