22 year old looking for house hacking tips
Im 22 years old looking to move to the Spartanburg area. I'm very interested in real estate investing and want to begin my journey with a house hacking deal considering im in the market for a new home myself. What are some of the most important things i should keep in mind and best practices any of you experienced house hackers out there would tell your 22 year old first time investor self?
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Focus on finding a property in a desirable Spartanburg neighborhood with strong rental demand, such as a duplex or a home with rentable rooms. Use low-down-payment financing like FHA or conventional loans and ensure the rental income can cover most of your mortgage. Prioritize cash flow, minimize expenses, and build a financial cushion for repairs or vacancies. Always analyze deals thoroughly and focus on learning from experienced investors to maximize success. The most important piece I would say is trust your gut as well and get the first one done.