New House Hacker from Newport News,VA

2 Replies

Hi ! My name is Preslie Hicks and me and my boyfriend Kyle have just started our investment journey! We have been talking about getting into real estate for about a year now and finally took the first leap! I used my first time home buyers loan to purchase my first house and get out of renting which was our first goal! We decided to house hack it buy posting our converted garage for rent which included a private entrance, laundry and private bath along with its own living space! We are living on the main floor and covering majority of our mortgage already! Our next goal is for him to purchase a house with in the next 4 months and renting it out by room to cover its mortgage and the rest of ours so we will be living mortgage free with two properties and then letting the cash flow start from there by hopefully using the BRRRR method to get the snow ball effect going to reach 10 properties in 5 years! Lots to still learn but we are excited and ready! Any advice is welcome as we are so new to the game and trying to find a way to finance at least two properties in 2020!

Welcome to Biggerpockets and good luck going forward! It is nice to meet you. You two are off to a great start. You both sound like y'all already are move knowledgeable than most. You are using the tools you have. Good work!!

@Preslie Hicks Congratulations! I started house hacking with my old college roommate after college. We started with a duplex, then got a 4 unit.

You guys should look into getting a multifamily property. You can live in one side and rent the rest out. Here in Columbus, you need a special permit to rent by the room like you are doing. We call lit a rooming house. I am not sure how much the city enforces landlords having a permit.

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