The house was out of state. 

Is it a good idea to form an LLC to buy your first house hack?

I'm invested in a property near the Grove that's executing that business plan now.At a simpler level, that might mean buying a house with a garage, converting the garage into an ADU, and renting out the ADU.I think a super solid first step to get into the LA market is to househack a home or a multifamily.

We are going to speak to a financial advisor about this.The home is beautiful but outdated and needing a ton of work.

I'm looking into what it takes to buy my first house/multifamily property out of state.

My interest in real estate investing started from reading books and listening to podcasts, which got my thinking about exploring house hacking as my first venture.

Real Estate Investors can play ahead of the game by learning about 1) Real Estate (of course), but not the basic stuff....all the tricks that can make you stay one step ahead of your competition. and 2) Construction - How a house is built and how to fix, remodel and add value.So for #1, you can just make this forum an addiction.

Get an extra job, live off of nothing, and go put 3-5% down on a single family house hack.

(and yes, DSCR are personally guaranteed) The number of financed properties calculation includes:the number of one- to four-unit residential properties where the borrower is personally obligated on the mortgage(s), even if the monthly housing expense is excluded from the borrower’s DTI in accordance with B3-6-05, Monthly Debt Obligationsthe total number of properties financed (not the number of mortgages on the property nor the number of mortgages sold to Fannie Mae), with multiple unit properties (such as a two-unit) counting as one property;the borrower’s principal residence if it is financed; andthe cumulative total for all borrowers (though jointly financed properties are only counted once).

Hi,I just got under contract on a 4 family house in NJ using an FHA loan.