Updated over 2 years ago on . Most recent reply
Help me out
I'm super excited that 2023 is going to be the year I buy my first investment property. I'm planning to use my FHA loan to buy a small multi-family property (2-4 units), or a single-family with the potential to rent out a bedroom or ADU. The thing is I need to save more money and I need to relocate to the city.
As a first-time homebuyer & house hacker - I need all the tips!
What do I really need to start?
Most Popular Reply
Hey Xzavion! If you're interested in starting house hacking, here are some steps to follow:
- Determine your budget: The first step to house hacking is to determine your budget. Figure out how much you can afford to spend on a property and how much you can realistically charge for rent.
- Research properties: Look for properties that have separate entrances for each unit and enough space to comfortably accommodate tenants. You can use real estate websites or work with a real estate agent to find properties that meet your criteria.
- Secure financing: You'll need to secure financing to purchase the property. Consider getting pre-approved for a mortgage before you start shopping for a property.
- Choose your tenants: Once you've purchased the property, it's time to choose your tenants. Screen potential tenants carefully to ensure that they are reliable and responsible.
- Set up rental agreements: Create clear rental agreements that outline the terms of the lease. Make sure you include the rent amount, payment due dates, and rules and regulations for the property.
- Manage the property: As a landlord, you'll be responsible for maintaining the property and addressing any issues that arise. Be responsive to your tenants' needs and concerns to ensure a positive rental experience.
- Save for unexpected expenses: House hacking can be a great way to generate income, but unexpected expenses can come up. Save some money for any unexpected repairs or vacancies.
Hope this helps! Have you given the Midwest some thought though? As a resident and investor in Columbus, I can attest to the fact that investing in the suburbs here is a wise choice. It is a thriving city that is attracting several major companies, which will bring in thousands of job opportunities in the next few months and years. This, in turn, is driving population growth, with an annual increase of 0.75%. Employment growth is also on the rise, with a yearly increase of 3.58%. Rent prices in Columbus have also gone up by 6% each year. Would be happy to chat more with you regarding the subject!