I'm fairly new to BiggerPockets and its forums, but I have grown an extreme interest in real estate investing. I want to get into the buy & hold and house hacking area of real estate within the Northwest Indiana region. I recently got engaged and will need to be finding a place to live by next October 2020, but I wanted it to be a potential investment property for us as well (maybe buying a duplex and renting one side or purchasing REO, etc.). I'm reaching out to see if anybody can help me get the ball rolling on this. I am currently working on my real estate license, reading books and beginner guides on BiggerPockets, along with working as a credit analyst at a bank in the commercial loan department. I really want to achieve financial cial freedom from real estate by developing passive income. With that said, any and all advice is appreciated!
@Account Closed house hack all the way. owner occupy < 5% down small mult, Move every year for 10 years and accumulate between 20-40 cash flowing properties. Conventional financing you will need 20-25% down, For the same cash outlay less closing cost you can buy 4-5 properties, Easier to qualify with a W2 job. Advice don't just have the minimum needed for the down payment and closing cost, have a reserve. You don't want to have anything unexpected come and bite on the b***.
Hi! @Tim Herman thank you very much! I will definitely look into that! Another option I thought about doing would be purchasing a duplex with an owner occupancy loan and renting out one side for about a year. What are your thoughts and strategies for doing something like this?
@Account Closed that is what a house hack is. Small multi are considered residential. You are allowed to use 5% down or less up to 4 units.