Updated 3 months ago on . Most recent reply
I'd love some direction
I just turned 21 and will be getting married in about 3 months. Around that same time we will be moving to Pocatello for school. I would love to get started on my real estate investment journey, and have thought of house hacking for my first investment. I just feel like I have no direction on what to do or how to find a deal that is actually good. Can someone help guide me on how to find or analyze a deal that is actually worth it? It just seems like everything is so expensive that the house hacking won't work. I don't know, i'd love some help.
Most Popular Reply
As a young man about to get married I'd highly recommend getting your personal finances in order and getting on the same page with your new wife about them first before starting your real estate investment journey. This means getting on an agreed budget, paying off and avoiding all consumer debt, and saving a healthy emergency fund.
Once you've done that house hacking is a great place to start. Yes, with today's interest rates mortgages are much higher than what we were used to for the last 15-20 years. This means you'll either have to save up more for a bigger down payment, find a cheaper property, make offers well below asking, or probably a combination of all 3.
If you're unsure what you should do next, spend the next few months listening to the family of BP podcast and reading their books. This will give you clarity and confidence to move forward.