How to begin with what I’ve got....
Hello all. I’ve been reading articles and listening to podcasts and attending as many webinars as I can on BP for about a month now. I’m learning tons, and I feel like I’m mentally ready to get a house hack going. However the tough market I’m in (Nashville) and my current finances are what is holding me back. I only have about $8k saved up (and that’s EVERYTHING), and from what I’m hearing from an agent I’m talking to, that’s about half of what I need to get going. (Down payment plus closing costs.) I know that closing costs are often either payed by the seller or rolled into the final price, so why would she tell me that? I’m also not super keen on the idea of using ALL of my current cash to get get going, but I am willing to do it for the right property. (I have a decent job, and I know I can re-coup in another 6 months or so.) I’ve considered getting a personal loan, but I’m not sure how to sell the idea of helping me get into a house-hack to anyone. My initial thought was to ask my father (who is living on his inheritance) for a $10k loan, but he doesn’t think that now is a good time to get into RE. He sees the market going up, and that it’s a sellers market, and says I should wait for the next crash to happen before I jump in. I say that the longer I wait, the more money I’m leaving on the table. I want to get going NOW!
Do I offer a payback with 10% interest in 3 years to him? I feel like that’s VERY possible to pull off.
Would another investor be willing to do that kind of deal?
How do you approach an investor for help getting started that makes it worth doing for ALL parties?
Should I just buckle down and save up for another 8 - 12 months? This seems like the most feasible option, but it also seems like prices and rates are going to continue upward in that span.
I’m not at all attracted to the idea of a wholesale operation, but perhaps that would be the way to get started?
I’m all-in, and all ears. Thanks in advance for sharing your thoughts.