House hack w/ BRRRR ambitions...
I'm finding it so hard to get my hands on a multi-family property under market value here in NJ. Owner-occupying a multi-unit with being able to Brrrr the property down the road, is next to impossible. All the properties are being sold, at minimum, at asking price. I can get the property if I go at or above asking price, but how will be able to Brrrr it and get more. I don't have enough money for conventional, only FHA, and they're guidelines are strict as all heck. Now these are only listed properties on the MLS, but don't have the time to actively drive for dollars either. How can I start my real estate journey with this initial obstacle hanging over me.
Thanks for the help.
Most Popular Reply
Hey Nick, good post. Like you said it can be difficult to make a BRRRR work these days. I think that with house hacking, doing a BRRRR is almost not necessary. You are already putting such little money down that you don't really need to pull any equity out. Of course you are talking about doing a rehab which adds significant more money into the deal. While this a great approach if you can find something that works for you, I think just getting into something is more important. Consider focusing on the main objective of house hacking which is to get other people to pay for your living expenses. It's not as sexy, but a turn key house hack is a pretty great move imho