Hi everyone, starting out in real estate investing & have q's..
Hello everyone, I am looking to start investing into some real estate.. Specifically looking to get into some kind of multi family home or a duplex where I can do some sort of house hack deal. I have about $170k cash saved and willing to do a 10-15% down payment if needed. I do not have a job at the moment but this may change.. The cash I have saved is from affiliate income which is hit or miss.. Some months I make $20k, some months I make $100. If you were in my shoes, what would be the best course of action you would take in order to attain your first property, get the rental income generating so I can eventually with time generate more properties and with more properties, more cash flowing in. I realize the market is not in the best position right now but I figured if I am going to buy a property I might as well start now that I have some cash saved and low to zero debt.
Look forward to any advice and help, thank you!
Quote from @Austin Godwyn:
House hack. Buy a four-plex with a low down payment, live in one unit, rent the other three out. You should still have plenty of money left over for a reserve and maybe another investment or two. In a couple years, repeat.
Quote from @Nathan Gesner:
Quote from @Austin Godwyn:
House hack. Buy a four-plex with a low down payment, live in one unit, rent the other three out. You should still have plenty of money left over for a reserve and maybe another investment or two. In a couple years, repeat.
what kind of loan should I use considering my low to no income? DSCR loan? Also, should I get a LLC/holding company setup for asset protection before making the deal on the house/renting it out?
Quote from @Austin Godwyn:
An owner-occupied loan requires 5% down or less. If you can't afford that, then I recommend you focus on increasing income, budgeting, and saving.
Quote from @Austin Godwyn:
Hello everyone, I am looking to start investing into some real estate.. Specifically looking to get into some kind of multi family home or a duplex where I can do some sort of house hack deal. I have about $170k cash saved and willing to do a 10-15% down payment if needed. I do not have a job at the moment but this may change.. The cash I have saved is from affiliate income which is hit or miss.. Some months I make $20k, some months I make $100. If you were in my shoes, what would be the best course of action you would take in order to attain your first property, get the rental income generating so I can eventually with time generate more properties and with more properties, more cash flowing in. I realize the market is not in the best position right now but I figured if I am going to buy a property I might as well start now that I have some cash saved and low to zero debt.
Look forward to any advice and help, thank you!
You should definitely focus on short-term rentals.
Feel free to DM me and specify your questions. I'd be more than happy to help and answer any of your questions.