DEAL ANALYZING 1ST HOUSE HACK

House Hacking
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DEAL ANALYZING 1ST HOUSE HACK

Azaleia Sinclair
Ft Lauderdale, FL · Member since 2022 · 8 posts · 4 votes

Hello my BP friends,

About 6 months back my interest in starting my real estate journey had peaked and I could not stop thinking about it, so I decided to jump in. At start, my credit and debit were the problems, and I have diligently worked on getting my credit score corrected and now have about 6k saved up. I am aiming to have my first property by mid-year (May-July) hopefully. I wanted to add that my first hack will be a multifamily property, in the Ft Lauderdale/Miami area using my VA loan. I am aiming for 3+ units but I will take 2 if the deal is good.

You guys have helped me tremendously in my short time and I have hit another roadblock and I wanted to ask for advice. It may seem silly of me to ask this, but I am a novice and I love to learn from other people before making my own decisions.

How do you analyze and find deals? What numbers do you look at to make the determination point that you have a good deal? What are the considering factors? I know it may be a lot to explain so if you have any book suggestions, online readings or podcast that can explain in simple terms I would love to hear those as well. Hope to hear from you guys soon!


Thank you BP Fam!

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Devin JamesPro Member
Developer · Orlando, FL · Member since 2018 · 502 posts · 306 votes
3y

Hey Azaleia Sinclair,

Check out Bigger Pockets calculators under the "TOOLS" tab. They are extremely helpful when learning how to analyze deals. I would suggest looking on zillow at properties that meet your criteria, & use the BP Calculator to run numbers to see what purchase price works best for your target returns.

Also, you can tune in to the webinars that BP hosts. Usually they use the calculator to run through a deal in the webinar and that will show you how to use the calculator. As far as suggestions, I would listen to as many BP podcasts as your time will allow, bonus points if you read their books also.

But at the end of the day, make sure you take action. Yes, build a strong foundation with learning as much as you can, but none of that will matter if you don't take action. A VA loan is an amazing opportunity, make sure you use it!

[email protected]
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  • Devin JamesPro Member
    Developer · Orlando, FL · Member since 2018 · 502 posts · 306 votes
    3y

    Hey Azaleia Sinclair,

    Check out Bigger Pockets calculators under the "TOOLS" tab. They are extremely helpful when learning how to analyze deals. I would suggest looking on zillow at properties that meet your criteria, & use the BP Calculator to run numbers to see what purchase price works best for your target returns.

    Also, you can tune in to the webinars that BP hosts. Usually they use the calculator to run through a deal in the webinar and that will show you how to use the calculator. As far as suggestions, I would listen to as many BP podcasts as your time will allow, bonus points if you read their books also.

    But at the end of the day, make sure you take action. Yes, build a strong foundation with learning as much as you can, but none of that will matter if you don't take action. A VA loan is an amazing opportunity, make sure you use it!

    [email protected]
    4Reply
  • Jalen Byrd
    Member since 2021 · 6 posts · 5 votes
    3y

    @Azaleia 

    @Azaleia Sinclair I too am a newbie in my real estate investment journey. I agree with @Devin James that reading and listening to podcasts are essential, but the most important part is taking action and not becoming paralyzed by overanalyzing. A few books I recommend that have been extremely helpful for me in getting started are: Rental Property Investing, and Managing Rental Properties by Brandon Turner; The House Hacking Strategy by Craig Curelop; and Set for Life by Scott Trench. I also listen to Real Estate Rookie podcast on my commute to work. There are also a lot of calculator apps that you can use to help you analyze properties on the fly.  

    I hope this was helpful and good luck on your journey :) 

    2Reply
  • Conner Olsen
    Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
    3y
    Quote from @Azaleia Sinclair:

    Hello my BP friends,

    About 6 months back my interest in starting my real estate journey had peaked and I could not stop thinking about it, so I decided to jump in. At start, my credit and debit were the problems, and I have diligently worked on getting my credit score corrected and now have about 6k saved up. I am aiming to have my first property by mid-year (May-July) hopefully. I wanted to add that my first hack will be a multifamily property, in the Ft Lauderdale/Miami area using my VA loan. I am aiming for 3+ units but I will take 2 if the deal is good.

    You guys have helped me tremendously in my short time and I have hit another roadblock and I wanted to ask for advice. It may seem silly of me to ask this, but I am a novice and I love to learn from other people before making my own decisions.

    How do you analyze and find deals? What numbers do you look at to make the determination point that you have a good deal? What are the considering factors? I know it may be a lot to explain so if you have any book suggestions, online readings or podcast that can explain in simple terms I would love to hear those as well. Hope to hear from you guys soon!


    Thank you BP Fam!


     In addition to the other comments, find an agent that specializes in house hacking using the Find An Agent button at the top of the screen.

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