First property and first house hack!

4 Replies

Hello Everyone! My name is Jeramee and I am 20 years old. I've been reading a lot on REI for the last year or so and am about to take a dive into my first property! After reading lots of books, listening to podcasts, and just learning about assets vs liabilities I realized how much money I am wasting on University housing! With all of that said, I have decided to buy a nearby 4 bedroom property, live in one of them and rent out the other 3(house hack). Going into my first property and house hack, does anyone have any advice/ things you wish someone told you? Thanks

Fantastic idealisms man! Do it! 

My tip is MAKE DAT MONEY

Comps? Any instant equity on top of deposit? Mortgage still affordable even if other rooms vacant? ie. Why this particular 4 bedder (rather than say, a project multi-family)? 

Thanks for sharing. Please keep us updated. In principle - congrats! Welcome to BP...

Always BUSINESS before Pleasure! 

Brent, yes the mortgage is still very affordable with me going to school full time and working part time. Just assuming that because I live in a college town where everyone is looking for a cheaper alternative to that expensive university housing, with proper marketing I can keep my vacancies low! The property is relatively close to campus and I feel as if I can really market this and get some cashflow going to jump start my REI career

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