I've been studying real estate investing the last few years and am considering jumping in. I am 23 and married and just about to finish my bachelors degree this Summer. My wife and I run collegiately and can potentially get schooling and living expenses (such as housing) paid for with a sports scholarship. We have about 30K saved and are willing to move just about anywhere in the country (spots that cashflow??). Would it be wise to try a house hack (considering I can find a deal!) and dive in? Or would I be wiser to wait until I have a 9-5 post college and just enjoy these years and hope market conditions become more favorable? Any college recommendations in best markets? Thoughts? Thanks!
hey porter, not sure I understand the two options. but if you are asking if you should wait till you have a job or invest now, My advice is always to do it sooner rather than later. If you have the means to get a loan and house hack in your current situation, I'd think living in a college town and knowing that town and area well would give you a strategic advantage.
The lowest barrier to entry I've seen for house hacking would be to find areas with grant loans, there are several here in central OH, they are general "majority minority" areas, but many local banks are incentivized to do loans in these areas, so you can often get into a 2-4 unit with no money down, and 15K towards closing costs and rate by down. if you aren't will to or don't want to go into those types of areas, but by all means the FHA or 5% down conventional 2-4 unit loan is gonna be the way to go in my opinion.
We did a house hack as our first move into reale state investing and it was the best thing we ever did and continues to expand ints benefits to us every year, So I am a huge fan of the strategy. I think its the single best way to start.