House Hacking as a 21 y/o
Hello everyone! I did a new member intro maybe a month ago, and haven't been as active on BP since I run a mobile detailing business out here in NJ and have been slammed for the summer months. I am currently in college and very interested in getting into REI. I am in a local networking group where I have a few REI people, and that's how I discovered BP and the podcast, which I have used as my main resource.
I am very interested in House Hacking, as I feel that'd be my most realistic way to get started. Anyone who has done this, could you share your thoughts, advice, etc.? In NJ, the market is extremely high, which is my biggest concern about getting into it. I have built good credit, which I know is useful. Thank you everyone!
Most Popular Reply
Hello Brandon,
Great to hear that business is booming and you have an idea in the works for reinvesting.
Househacking is one of the best ways to get started with REI with a low downpayment. You'll gain valuable acquisition, project management, and property management experience.
My main pieces of advice would be to
1. familiarize yourself with your target market(s)
and
2. start building your team - lender, agent, inspector... later on, you can start adding more team members like contractors, attorney/title, handymen, property manager, etc.
Getting more active on BP (even if its just 20 min/day) will help as well.
Heres what I'd recommend to use BP efficiently and quickly:
- Set/save locations of interest (i.e. Jersey City, Newark, etc.). You can then click "followed locations" each time you log on to see the most recent post activity in these areas
- Use the search feature to find people of interest and read up on previous posts related to your topics/areas of interest
- Set up Keyword alerts - You'll receive notifications whenever "househack" or "New Jersey" are mentioned
All the best!
Abel
- Abel Curiel
