Getting into our first house hack

[Account Closed]

Hi everyone,

I’ve been learning about real estate inventing for a couple months but haven’t started yet. I think the best strategy for me and my family would be house hacking.

Currently we have a traditional mortgage on our home that we purchased in 2018. Im handy so we’ve fixed up the house quite a bit on the inside and outside. I haven’t had the house appraised, but I’m guessing we have around 150k in equity. With having young kids and working full time, being able to buy a house that needs mostly cosmetic updates that I can do myself would be easier than buying a property I would have to travel to without the family to work on. 

I’ve thought about selling our current house, using that equity to pay for a single family fixer upper that we’d work on for around a year, and do it again. Except instead of selling the next property, holding it and renting it out. 

If there’s anyone who’s done this strategy It’d be great to hear how it worked out, and how you transition from house to house when you’re holding the previous property you were living in.

[Account Closed]

After more consideration, this route won’t be the best for my situation. Having young kids we’ve decided it’s best to not move around.

Instead, my goal is to find an investment property in my local market (Rochester, NY), ideally a single family or duplex. I’d still like to leverage my skills and experience with home improvements. Finding a property that needs mostly cosmetic rehab in a nice or upcoming area would be best.