My wife and I are brand new to this. We just moved to Dallas, TX and we're hoping to hack our housing by purchasing a duplex and living in one side. This would be our first property ever and we don't have quite enough money for a down payment. We have good credit and we're hoping to find some kind of first time home buyers incentive were you can pay little to nothing down. We are certainly looking into an FHA loan, WE JUST DON'T KNOW WHERE TO START. We have a realtor helping us find potential properties and we're doing a lot of "driving for dollars". I think the next step is to get pre-approved but we don't know where to go or who to talk to to accomplish this.
I am excited about being a part of this community and to start our journey to financial independence!
Any suggestions or advice you can provide will be greatly appreciated!
@Kelly Cloward welcome to Texas! My wife and I moved here about 5 years ago and we enjoy it very much (Fort Worth is just down the street).
Now, to answer your question, house hacking is an EXCELLENT idea! Not only can you get by with a lower down payment but your interest rate is better too (comparing to investment properties that is). And there are LOTS of "first time homebuyer" programs or "Downpayment Assistance Programs" here in Texas. If you have the ability to house hack, then this is a great method to start your investing career.
I'll drop you a private message but do feel free to ask questions here openly as many others may have the same questions and these forums are often research even years after you post. Thanks!
@Kelly Cloward , I recommend reading @Brandon Turner 's book, "The Book on Real Estate Investing with No and Low Money Down." It's really well written and easy to follow, and he answers the questions you're asking - he explains different financing options, and different approaches to getting into real estate investing. I also recommend "The Book on Rental Property Investing" by the same author. Good luck and happy investing!
@Kelly Cloward . Stop looking for places until you have a Loan APPROVAL - not a Loan Pre-qualification. Find a Loan Officer you feel comfortable with and lay all your cards on the table. Lenders WANT to lend you money. It's how they make money . No Loans = NO Payday!
Visit with @Andrew Postell - I have not met Andrew - but am impressed with his contributions to Bigger Pockets. I'm comfortable he would take great care of you.
@Kelly Cloward . Welcome to Texas. We moved here 3 years ago and couldn’t be happier. I will send you a PM with a referral as well.
Thank you Jim! Great Advice.