Real Estate Agent · Chattanooga, TN · Member since 2021 · 1 post · 3 votes
Hello BP I live in Chattanooga and I am working on getting my real estate license at the moment. I plan on buying a duplex for my first property and house hacking when my lease ends in May of 2022. Considering my circumstances and those of the real estate market could anyone give any advice. I would really appreciate the help and thanks in advance!
Realtor · Chattanooga, TN · Member since 2019 · 46 posts · 34 votes
5y
Hey Xayvier, that's awesome man! You're definitely on a similar path as myself, I am a Realtor here in Chattanooga and closed on my first house hack in May! I'm happy to help answer any questions you have about the process.
The biggest advice I could give you about finding a house hack is reaching out to as many people in the industry as you can and tell them what you're looking for. Rather it's realtors, wholesalers, fellow investors, etc., put out as many feelers as possible. I found my deal off-market from a wholesaler friend of mine. So just make as many connections in the industry as you can and keep checking in with everyone, and hopefully you end up with a pretty good deal :) Good luck and reach out if you have any specific questions!
Lender · Denver, CO · Member since 2021 · 243 posts · 253 votes
5y
Hey, @Korbin Ensley! Congrats on getting into the real estate game! When do you take your test?
For house hacking, you're definitely on the right track. It's one of the easiest ways to get started and you'll be able to take advantage of low down payment, lower cost of living/cash flow, and, in a year, rent out your unit and do it all again!
Did you have any specific questions regarding your first deal? Happy to connect and answer any questions you might have!
House hacking is great that’s how I started!! Househacking makes it affordable to buy in a very expensive market. I would buy a house at the maximum amount your approved for and you can put down as little at 3.5%. Make sure your do the numbers for when you move out and as long as it cash flows “PURELY” you will be great. You’ll have a great home in a great area that cash flows. Only thing I regret is to buy in the best area that made sense.
Goodluck don’t hesitate to reach out if you have questions we’ve been through it
This is a great forum with very knowledgeable members that will help to guide you in the right direction, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance. You will be able to share your story and receive plenty of helpful feedback from experienced members.
Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
5y
@Korbin Ensley, welcome to the BP community - happy to have you here! Thank you for sharing your story and wishing you all the best in the future as you invest and work towards your financial freedom.
Realtor · Chattanooga, TN · Member since 2019 · 46 posts · 34 votes
5y
Hey Xayvier, that's awesome man! You're definitely on a similar path as myself, I am a Realtor here in Chattanooga and closed on my first house hack in May! I'm happy to help answer any questions you have about the process.
The biggest advice I could give you about finding a house hack is reaching out to as many people in the industry as you can and tell them what you're looking for. Rather it's realtors, wholesalers, fellow investors, etc., put out as many feelers as possible. I found my deal off-market from a wholesaler friend of mine. So just make as many connections in the industry as you can and keep checking in with everyone, and hopefully you end up with a pretty good deal :) Good luck and reach out if you have any specific questions!