Hello Bp! I am looking to House hack a 4plex in the near future ( with in the next 6-9 months) and in need of some tips. I am currently in the process of taking steps towards my goal. For starters I've started Clearing my debt which isn't much. At the same time I've put in place a budget for my down payment and any other out of pocket expenses that will come along with my investment. Being that I will be a first time homeowner I'm looking to take advantage of an FHA loan. And most important I've made the decision to commit to doing everything it will take to reach my goal. I know in order to get the best possible out come from my investment will need to learn how to Analyze potential properties. Is there any specific books, webinars, Youtube tutorials etc. I should look into? Or any other helpful tips or process I am leaving out? Really looking to dive in head first but need a little help getting started.
Thanks in advance
House hacking is a great idea, I'd recommend moving into the unit that will rent for the least amount, or needs the most work. This will bring in the most income possible so you can save/pay off debt/fix the unit/all of the above. In my opinion, you can only read so much before you need to just jump in! When estimating expenses, go well above what you expect! Good luck!
@Brian Ellis Thanks for your input. Im going to look and see if there are any meetup groups in my area coming up. I also listen to Audio books as well. I'm an electrician with demanding hours I find it easy to listen while I work. Can you suggest any books to download?
Also, try to find a building that will appreciate whether due to an improving city, raising rents or renovations so you can refi out of the fha loan and save paying the PMI.
Ok thanks a lot for the information from both you guys @Tyler Bushey , @Brian Ellis. I know I have to take the plunge to really learn. I just needed help with the first steps and you guys did just that. I will start looking for properties today to see whats in my price range and go from there. Thanks again
Good luck! Keep us updated!
Smart move to House hack. I do this in Los Angeles and am basically living for free...
For more info, listen to the free BP podcast (on itunes) while driving or whenever you have quiet time. They're incredibly informational. Also start looking at current listings to get used to analyzing numbers. I'd use Redfin for listings since they usually show the current rents and potential mortgage payment. & I believe BP has alot of good calculators.
Good luck on your journey!