Buying first house hack

[Mando Tellez]

Looking to buy my first house hack. Interested in multifamily what advice would yall give for a first time home buyer? 

[Ty Ash]

Hi @Mando Tellez!

I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.

I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

A house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you should try to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management. The BP Calculator is good for the post move out scenario so you can see on paper how your equity is going to grow over time!

Best of luck getting started! Here for you with any questions you have along the way!