House hacking in OKC
Hello everyone,
So I have been learning about real estate investing & house hacking and I am ready to start my journey. I'd prefer to buy a duplex so that I can rent out one unit and rent a room in the unit I'd be living in, or buy a 3 bed 2 bath house and rent the extra rooms. For those who house hack or rent rooms how's your experience been in OKC? What are some tips and tricks for a newbie like myself? I'm excited to start my journey soon so any comments would be helpful.
Thanks.
Hey David - I'm a realtor and investor here in OKC and have helped a few clients do this same strategy of buying a duplex to house hack. I personally think it's one of the best ideas for a first time home buyer. I'm helping someone currently purchase a duplex with a FHA loan so he is getting into it for only 3.5% down which is pretty amazing for what you are thinking about doing.
I'd be happy to talk on the phone if you are interested, there is too much to type out here on the subject but just let me know. Shoot me over a DM if you want!
Hey David,
That's an awesome place to start. House hacking is almost always beneficial if you can get in to something at a reasonable price. I'd probably start on the lending side of things first. There are a few local lenders that offer 3% down conventional options. I'm not 100% sure if they are duplex eligible or not. We've got a couple of duplexes under contract right now for buyers and one for ourselves, but it took plenty of rejected offers before we were able to lock anything down. I would say the biggest pointer will be to be patient, offer as soon as you see something that makes sense and come in with your best offer up front. You'll also want to have cash for appraisal gap coverage. The duplexes we've got under contract right now were all significantly over list price with the all but one of them having a counter offer for the buyer to pay any difference between appraised value and contract price.
OKC has a low inventory of multifamily units and even fewer that will work for owner occupants. Just shoot your best shot and you'll eventually land on something!
