This last week I was fortunate enough to get my first investment property under contract (House-hacking and hopefully the closing goes well!).

I would personally recommend house hacking for your first deal, as it is low risk and a good way to gain experience in home ownership, property management and maintenance.

When we have way undervalue tenants in place and an owner looking to house hack or renovate, we just write "to be delivered vacant" into the contract and we offer more because of that to incentivize them to do that.

Maybe start by considering what are the reasons that led you and your wife to choose house hacking a duplex?

I was a little cash poor after the down payment so I immediately dove into house hacking and had renters in my 2 additional bedrooms before Thanksgiving.

The lot itself is also big enough to put an ADU in the back and I have a contractor that says they will charge APX 120 per SQFT and pricing gets better with size so it really got me thinking this home for 500,000 isn't really a good deal though adding a 1200 SQFT Duplex in the back does allow me the ability to house hack it as well while cash flowing about 3,000 pure after everything is all said and done.My numbers are like this:Purchase: 485,000lender fees: 21,500Initial stabilazation: 120,000 gutting job on 1,000 SQFT of permitted and 700SQFT unpermitted space.

Yes - it’s a house hack and a multifamily 🔥🔥

Change to a MFR or house hack or keep for your own living?  

@Daniel Kevin LaraI rented by the room in my first house hack and basically just looked at comparable rents for entire units (similar property types, looking on Craigslist and Zillow for the most part) and divided by the number of rooms I was renting, then maybe adjust up or down based on the quality of your property.

Purchase price: $164,000 Cash invested: $185,000 Sale price: $272,000 Yee Yee, time to house hack using this profit as a down payment.