How to get started House Hacking

Question

Hello All,

I’m fairly new to the real estate investing world I’m 20yrs old and in college and trying to find more ways to live affordable while still being able to earn money while in school if anyone has any tips,useful resources or just knowledge in general I’m open to all.

Erica Larence-Penna · Answer

Hey @Nyriq Faber!  House hacking is a great way to start.  I wish I had thought about doing it 10 years ago!  Get a realtor who works with investors and speak to a lender to see what you can qualify for.  If you can get a multi-family that covers your mortgage and expenses while living in it, you hit the jackpot.  We purchased our first multifamily and we currently have three out of the four units rented out (one is being renovated) and we are netting about $200/month at the moment.  I am a title attorney in CT, so I have quite a few contacts.  Feel free to PM me!

Nyriq Faber · Answer

@Filipe Pereira Yea currently working and saving towards a a respectable down payment. I’m really trying to make sure I’m going the right way about investing, I appreciate your response!

Anson Young · Answer

Hey Nyriq!  Good for you on getting started as early as possible.  If I started when I was your age I'd have 10 jets and a private island by now (exaggerating.. but still..).House hacking is a great way to get started, check out the House Hacking book by Craig Curlop Also, check out Set for Life by Scott Trench as well!

Filipe Pereira · Answer

Hi Nyriq - do you have a job while you are in school? Most lenders will want to see some kind of work history before qualifying you for a mortgage as they want to know they will be able to get paid. If you do, then start house shopping! As others have said, house hacking is THE number one way to get ahead early when you're young and in real estate. Another option is to search for room mates or house mates. Do you really need a 2bedroom apartment, or can you make do with one bedroom and getting a roommate for the other bedroom? It would cut your housing costs in half.

A penny saved is a penny earned!

Nyriq Faber · Answer

@Anson Young Thank you ! I appreciate you sharing knowledge with me

Anson Young · Answer

Make sure you keep us updated, Nyriq!!  Sounds like you are on the right path for sure!

Nyriq Faber · Answer

@Erica Larence thank you! If you could point me in the right direction that’ll be much appreciated

How to get started House Hacking

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