So I’m looking at purchasing my first property via house hacking but I’m worried that I might not get a tenant for months or something like that. How do I get tenants and go about the process of making sure there a good tenant. I’m also somewhat tight on cash. I have no liabilities except $100 for car+gas. Ahhhh just very un easy at the moment. Anybody else go through this for the first purchase. I don’t want to purchase a house with to much work so I can get a tenant in pretty quickly.
@Ben Swartz Hello, I’d like to add to this question seeing that I’m in the same boat. I’m 23 looking for a place to live but don’t want to be anchored to a place in the expensive market I live in. Should I push to find a place that will work or move away to a better market for my first purchase?
@Ben Swartz First and foremost, Find a knowledgeable local agent who is familiar with this process. Then get an idea of what you can rent your rooms out for. You have to know your numbers before investing. They will surely give you the piece of mind you need. I suggest finding something with 2 bathrooms that way your not forced to share IF you will be living in a single family home. Then do your due diligence when finding a tenant/roommate. Ask plenty of questions and find out everything you can. What do they do? how long do they plan on staying? credit check? ect. One step at a time you'll do great!
@Chad Allen it depends on your market. I would speak with a local real estate expert to get a better idea of what your options are. But If you have the income, the numbers make sense, and you are in a position in life to do so, then why not? I'm 25 now, and can relate to you in that I lived in a very expensive area. Couldn't find anything to rent under $1400. Being that I did not want to leave the area do to family, work, relationships, life I decided to buy a cheap trailer and found a place to park it for $100/month. For me it worked out. Now that I have some money saved I'm getting ready to buy my first house hack this year (in an area a little further from where I was living) In the end its a gut decision based on where your at in life. Hope this helped