Updated over 6 years ago on . Most recent reply
House Hacking Start (19 Years Old)
Hi everyone - I am 19 years old, halfway through my sophomore year of college in Mankato, MN. I am a daily listener of BP, but that is the extent of my real estate knowledge. My obsession with getting into real estate started with Rich Dad, Poor Dad and I am looking to get in by house hacking a duplex next year instead of renting. Here is my situation:
We currently pay a total of $2100/month rent (over $2500/month after utilities) to live in a house valued at $127,000. The house was built in 1890 and shows its age plentiful. I am a dedicated listener of BP and have a friend (who works full-time construction) that would like to go in on a deal to purchase a duplex together and rent out the other half to college students next school year.
Basically, my questions consists of 1) Where do we start? 2) Is this as great of an idea as we think it is? 3) How should we fund the purchase/know which property is a good deal? Thanks in advance to any that help!