Updated over 3 years ago on . Most recent reply
HOUSE HACKING ADVICE NEEDED
Can anyone tell me if finding a hard money lender for a house hack is a smart strategy? I am trying to figure out the best strategy to start with in real estate. I've been on my wholesaling journey for about a month now but that is going a little different than expected and I need some stability NOW. Any advice is good advice.
Most Popular Reply
If you're looking for stability NOW, go brush up on your resume and find a W2 job. Wholesaling is not as easy as everyone thinks. If you've been at it for a month straight, then that's great but I think you'll need to put in a lot more time to see the results.
In terms of house hacking, I would go the traditional mortgage route, FHA, Conv or VA (military). There are a few first time homeowner programs you can utilize in FHA & Conv. I would do some research in those programs, get prequalified by a lender and start the search for a property. I would start with looking for a small multifamily (2-4 units). Live in one side and rent out the others to tenants who would be paying down your mortgage. You can do this in a single family home as well, but you can rent by the room with roommates.
Good luck Roshad, let me know how I can help!