First House Hack, Thoughts?
Hi folks. I have been living at home since graduating from college with a plan to move out by house hacking.
I know this will be a large financial decision that impacts me for years to come and I want some thoughts on my strategy.
I was thinking about either buying a condo/house and renting out rooms, or buying a 2-4 unit property and living in one of the units. I was planning on obtaining an FHA loan to lower my initial investment. I also think it may be a good idea to target a property that may need some minor cosmetic work to get a slight deal (tough in a sellers market, to be sure).
So, do you think I should look for a condo/single family house because of the higher supply and higher appreciation? Or should I look for a 2-4 unit property for the higher possible cash flow? Is there anything I should be aware of or watch out for as a new investor/homeowner?
When I buy next year I should have around 50k saved up. I live in the southeast US. I greatly appreciate your thoughts.