Purchased my first property!

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I closed on my first property a little over a month ago. I put in 5 offers on other homes and lost every single one of them, even at full asking with no assist. The property i purchased is not the ideal situation being that it was already rehabbed, however it does need some exterior work. It is my primary residence, however i was considering house hacking it.

Does anyone have any tips as to how i can use this house as a stepping stone to buying my next property? It appraised for $5,000 over what i paid for it, and i do have some things i will be doing on the exterior of the home that i believe will add value as well.

I just want to know if there is any way to use this property to get my next, which i would like to be a rental- or if im better off just saving my money and doing it all over again.

at the moment i am a little low on funds considering closing costs consumed most of what i had saved up.

Thank you in advanced!

Hi Brandon,

Congratulations on your purchase! 

Being that the house is already rehabbed it saves you on Capital Expenditures for a bit. This means you can start renting out the rooms if they're move-in ready. Are you in a desired vacation location or are you in a college town? This would make it ideal for a STR or an Airbnb opportunity. If not, look at renting the rooms to long term tenants. Be sure to screen your tenants effectively. Background checks, income, credit checks, previous rental references.

Did you use an FHA Loan? If so obviously you would have to live in the property for at least 1 year before moving onto your next property.

Listen to the most recent BP podcast #350 "How to house hack your way to financial freedom in 3 years with Craig Curelop"