Entering real estate investing with a paid off home!
Hello everyone! My name is Courtney and my husband and I have found ourselves in a pretty unique situation. We bought our first home (a 1970's trailer) on a land contract and it is about to be paid off! We will be mortgage free with 100% of the equity in our current home.
Over the next year, we plan on doing some updates, paying off our credit cards, and saving and learning as much money as possible so we can purchase our next home.
House hacking is very attractive to us as we will need somewhere to live when we rent out our current home anyways.
Any suggestions, ideas, or words of encouragement welcome!
Welcome to the site @Courtney Adams! It's great to have you here.
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Wishing you the best!
Congratulations, Courtney, on paying off your first home! That is a significant achievement, and you should be proud of yourselves.
It's great to hear that you are taking the time to update your current home and pay off any debts before moving onto the next one. This will put you in a strong financial position and give you more options when it comes to your next home.
House hacking can be an excellent way to build wealth and live more affordably, especially when you have equity in your current home. Depending on where you want to live in West Michigan, you may be able to find properties that would be good candidates for house hacking, such as duplexes or homes with separate rental units.
As you prepare for your next home purchase, it's important to consider your long-term goals and what kind of property would be the best fit for your lifestyle and financial situation. You may also want to think about working with a real estate agent who has experience with investment properties and can help you find the right property and navigate the buying process.
Overall, it sounds like you are on the right track and are making smart financial decisions. Keep up the good work, and best of luck with your next home purchase!
Welcome to BiggerPockets, Courtney! You found the right place for information.
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When I got into real estate investing, I was very good at house hacking. I first rented out my three extra bedrooms to roommates, then when I got married we bought a house with an ADU that we used as an Airbnb.
Though house-hacking was awesome, I wish I would have combined it with the nomad strategy (AKA, move every year so you can accumulate multiple homes with just 3-5% down each time).
If you can find and buy a good house-hack (with the savings you got from house-hacking) to live in every year for the next few years, you'll have a solid portfolio in no time. That would be my recommendation.
Good luck!
Awesome! Collect those rents AND borrow against it and BUY more properties :)
GO GET EM!