Looking for guidence on my first investments

[Keaton Chase]

Hi everyone, im looking for some help. I live in the Erie area and im looking to purchase my first investment property. The market here isnt the best but i would like to stay local to start. Im looking at a few multifamily homes to house hack for starters, then i would like to get into a Flip or other type of investment to gain some capital. I do have investors lined up. I want to be able to grow passive income and have cash to invest at the same time. Also there are some student housing opportunities near me that would bring in a lot of yearly income. What course of action should i take with the current market? At the bottom ive linked 2 property's im looking at. Thank you in advance!

Multifamily
Student house

[Brandon Rush]

Hey Keaton,

I am a strong advocate for house hacking your first property as well. So many benefits, to name a few:

* Land lording on training wheels - You will learn all aspects of managing rental property management without a ton of risk. The lessons you learn will give you guidance on what you do and do not like about rental property. 
* Low down payment - You have so many options out there to buy a property for little to no down payment when you owner occupy them. Some examples are FHA, USDA and other loans. You may want to reach out to a few local credit unions to see if they have any low down payment options for owner occupants.
* Save on living expenses - Since you will be living the property, you will most likely be paying less than you would if you were renting. Now with these new found savings, you can roll that money into future property.
* It's repeatable - You can house hack every year if you planned it out. Imagine if all you did was house hack for 10 years and ended up with 10 properties. Not bad right?

As for the other strategies you are thinking about, I would recommend you educate yourself and choose the ONE that speaks to you to the most. I would highly recommend not pursing more than one strategy when starting out. Much of the reason I have not moved faster when my owner personal investments is spending too much time chasing shiny objects vs just focusing on one niche and going after if. 

I hope that was helpful in answering your question(s). Good luck on your journey!

[Drew Sygit]

buy a 2-4 unit and live in one unit to get a low down FHA mortgage.