Updated about 2 years ago on . Most recent reply
Different househacking strategies
Hello everyone!
I have been looking for multifamily homes (specifically duplexes) to househack in my target markets and they appear to be pretty scarce and I was wondering if there are other types of properties that I should be looking for to househack or if I should change to markets where multifamily homes are more attainable. I just want to make sure I am not missing anything considering I am new.
Thank you!
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#4 Real Estate Deal Analysis & Advice Contributor
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- Indianapolis, IN
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#4 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Indianapolis, IN
@Alec Jacobs You're reading the same book and experiencing the same issues I did when I jumped into REI in 2018. Multi-family was already getting hot. All the distressed junky properties I looked at were over priced or required a massive rehab I wasn't capable or willing to tackle. Fast forward to 2023 and it's even more challenging. There's very little of them for sale. You'll looking for a needle in a haystack and getting frustrated. Back in 2018 I gave up and bought a distressed single family.
Hard fact; if this is your first property and you realllllly want multi-family in a growing market get ready to pay for it. Everyone wants it. If not stop wasting your time and look for other opportunities. Your profile picture looks young. Be flexible, make a sacrifice, and buy a SFH then rent out a room. If you buy it right and/or value add you could move out and hold as a rental. You could sell tax free in 2 years (2/5 year exclusion). You want more options. Out bidding others for a duplex so you can house-hack gives you nothing.