House hacking first property

2 Replies

I’m a newbie to investing in real estate and trying to educate myself daily. I’m 24 with roughly 15,000 savings and a 720 credit score. I have a few properties that I have my eye on within the range of $15,000- $30,000. One thing I can say about myself is that I lack the experience in knowledge about budget for the rehab. Should I have a contractor view the property with me so he could give me the number on the rehab? Also, what process would you feel is best for me to buy the property? Looking that I don’t have much money to put down and I’ll like to rehab the property myself

There is a calculator you can use on this website which will help you analyze the deal. It will give you a clear picture on whether or not the particular property is worth it. As far as the rehabbing costs - yes having a contractor walk through the property with you wouldn't be a bad idea. But I would also think about at least having some knowledge about what repairs cost so you can know whether or not the contractor is pulling one over on you. Best of luck!