I’ve decided the best way to get my foot in the door is by buying a mutiny-family (2-4 unit) property and house hack. I’m sick of throwing money away with renting. The problem I’m having is finding a good deal like most other investors. I’m located in the Detroit-Metro market.
My question is, do I need to follow the 2% rule when looking for a house hack?
I’d like to start building equity in a property as soon as possible, with an exit strategy of 2 years which would give me enough cash in the bank to go out and find more deals.
Looking in the Madison Heights, Ferndale, Hazel Park neighborhoods but open to other.
Hey @Nathan Nelsen , in short, no you don't.
In today's market, the 2% rule is pretty non-existent and the 1% rule is something better to aim for. 2% is hard to find and is usually in bad areas.
House hacking on the other hand is a great strategy! Just be sure you get a property somewhere you don't mind living haha