New to real estate

[Devon Morris]

Hi everyone! My name is Devon and I'm a healthcare provider in Atlanta starting my real estate journey. My mentor recommended I start with the Bigger Pockets Podcast to build a foundation. I'm interested in house-hacking and long term rentals, then I'll see where the road takes me... Any advice on first and second steps would be greatly appreciated. Excited to get started!

[Lateefah Mathews]

@Devon MorrisCongrats, you actually did what most investors struggle with, which is narrowing down your strategy. That's your first step right there, which is what a lot of people have a problem getting clear on. 

Now, if I understand you correctly, you are looking to house hack and rent long term to whomever you're living with. And if that's the case, your second step is to figure out how much cash to close you have to work with. This is what's going to dictate what you actually can afford.

It's also going to bring you to step three, which is what type of loan you're going to qualify for. And I'm just going to assume that you're not paying all cash for your house hack. So, your loan product is going to be based on how much cash you're working with ( as well as scores, DTI etc.).

Those are really your first three steps right there. After that, it starts to branch out depending on your numbers.