Hi All! My name is Matt D'Amore and I am 24 years old. I have been taking the steps to purchase my first house hack for about 6-8 months now. Getting pre-approved, working with a real estate agent, checking out the few multifamilies and single families for sale in my area, etc. Living on the south shore of Massachusetts, I have realized that even the few multifamily homes and many single family homes for sale are way out of my price range or if they are in my price range, given the current market, are scooped up fast or are purchased well above asking. I currently live in my hometown with parents so I am saving a lot of house costs and work full time in my hometown so travel to work is not a big expense either. I would like to remain close to work to continue to mitigate my travel expenses, however getting into real estate is my number one goal at the moment. I am looking for any and all advice on how I should go about breaking into an expensive market like the coast of Massachusetts to do a house hack. Thank you in advance for your help!
Massachusetts coastal markets are certainly on the more expensive side. I think you have the right idea with a house-hack situation to help keep your costs low; it's a great way to get started.
As far as advice, really hone in on what you're looking for. Get all your ducks in a row with pre-approval, etc. When a property pops up that fits your criteria, don't hesitate and put in an aggressive and compelling offer.
@Mason Hickman Thank you Mason! All things consider I would offer over asking to get into the game (if the numbers still made sense) but due to my pre approval states I can afford, are there any other ways to provide a compelling offer that doesn’t involve putting in more money?
A few ideas to make your offer more compelling:
1. Larger earnest money deposit - you can still back out assuming you have an inspection contingency in place
2. Allow the owners to leave any personal property they want to - some sweat equity can make your offer stand out and can really be the difference maker to some sellers
3. Write a "Love letter" to the sellers - an old tried and true method that can tug at the heartstrings if done well
@Mason Hickman All awesome ideas. Thank you again for your help!