Updated over 4 years ago on . Most recent reply
Looking to Get Going Through House Hacking
Hey everyone!
My name is Caleb Wall, and I am from the Houston area, Magnolia, TX, to be exact. I have recently been captivated by real estate through BiggerPockets books, podcasts, and forums. One of their podcasts said to introduce yourself in the forums, so here I am.
I am currently an Aggie student at Texas A&M University in College Station, TX, and I am super interested in house hacking. If anyone has any suggestions on doing this, I would be super happy to listen. My parents probably cannot cosign with me, so I don't know how to get a loan. I make around $16,000 per year in taxable income from a scholarship (money going to personal living expenses). Does that change anything? I just started working this month, so I don't have past income besides a couple of internships.
Eventually, I want to end up between Austin and San Antonio (maybe Wimberley or Canyon Lake). If there are any suggestions on some of the best niches in that area, I would be happy to hear those. I want to own my own CPA firm one day, so my current thinking is to do long-term rentals because I will have a full-time job. I have been studying this stuff for a few months now, so I think it is time to start learning through experience.
Thanks, everyone!
Most Popular Reply
@Caleb Wall Welcome to the world of REI. Househacking is a great way to get started. Right now your biggest focus should be education, BP has a bunch of great books so start there. Next find a mentor. I know @Gregory Schwartz personally and he has a great wealth of knowledge and has househacked as well. Lenders are a must especially when just getting started. Start by looking up FHA loan blogs to get an understanding about low money down options, VA if you qualify as well. I purchased a couple of duplexes last year and I am currently househacking here in College Station. Next start analyzing deals. BP has a few good calculators but just start crunching the numbers as if you were ready to buy. Analyze as many as you can so when a good deal pops up you know it, and you can move on it. As for where, analyze deals where you want to buy. There will be a meet up here in College Station in a week or so. Come by and check it out, learn with the rest of us. Anything else, feel free to reach out.
-KY