Hey guys and gals I'm 20 and have a good credit score and low income surprise surprise lol! I'm looking to get my first property and I don't know whether I should be looking at houses or 2-4 unit plex's. I would be using an FHA loan so I would have a smaller down payment and would be "house hacking". I would be living in the property so I would think a duplex or triplex would be easier than living in and renting out a house. However I don't know for sure so that's why I am asking. Finding a house withing my price range would be easier but just because it's easier doesn't mean it's better. What would ya'll recommend as a great first place to start? What are the pro's and con's of each? Has anyone lived in a house and rented it out? Thanks for taking the time to read this, I appreciate any and all comments and opinions!
Given your situation you should definitely consider house hacking a duplex, triplex or 4-plex.
I personally think that's more advantageous for you than trying to rent out rooms in a SFH.
Especially since you can capitalize on that low FHA DP since you'll be owner occupying it.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing