New Investor looking to house hack Small multi

Member since 2022 · 8 posts · 7 votes

Greetings to all. I am looking to house hack in small multi 2-4 unit. I currently moved into a room from a 1 bedroom apartment just to cut expenses which was a huge sacrifice but surely important! I have already been pre-approved and have lenders. I am also looking to use the 203k loan if needed in a property that has add-in value which im seeing is the majority of multis here. The reason why i am posting is because i know i need to start networking & opening some doors & hoping to connect with anyone who has connections to off-market deals or even any advice. As i see we all start somewhere. Any feedback would be greatly appreciated & thank you for taking the time to read !

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Wale LawalBusiness Member

Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes

@Louie Mikros House Hacking is a great way to start and as you already know, you need some guidance.

Below are simple guidelines to follow

1. Decide where you want to buy

2. Get hold of a great investor real estate agent (Make sure they invest as well)

3. Connect with an investor mortgage lender to get a pre-approval letter

4. Start house hunting

5. Make offers

6. Close on the property and House Hack

7. Repeat the process again after 1 year or when you are comfortable.

Free free to send me a DM and I will point you in the right directions.

Thank you

[email protected]832-776-9582 Podcast Guest on Show #469

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Jeff Nash
Accountant · McKinney, TX · Member since 2023 · 393 posts · 580 votes
3y
@Denver McClure would be a good resource and someone to chat with as he has been house hacking here in Texas and involved in other types of investments.
1 Reply
Lucia Rushton
Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes
3y
@Louie Mikros where are you looking to move ?
0 Reply
Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
3y
@Louie Mikros House Hacking is a great way to start and as you already know, you need some guidance.

Below are simple guidelines to follow

1. Decide where you want to buy

2. Get hold of a great investor real estate agent (Make sure they invest as well)

3. Connect with an investor mortgage lender to get a pre-approval letter

4. Start house hunting

5. Make offers

6. Close on the property and House Hack

7. Repeat the process again after 1 year or when you are comfortable.

Free free to send me a DM and I will point you in the right directions.

Thank you
[email protected]832-776-9582 Podcast Guest on Show #469
NETWORTH BUILDERS5236 Reviews
Website View Page
2 Reply
Ben RhodinBusiness Member
Realtor · Denver, CO · Member since 2020 · 338 posts · 331 votes
3y
Hey @Louie Mikros! Definitely don't reinvent the wheel here. You are already past the first step of understanding what you are approved for. Now get connected with a great investor realtor that understands your goals and objectives and they should be able to take it from there. No need to go off-market for your first one, or a house hack, as a lot of the time they will be cash-only deals and you won't be able to take them anyway. And a good realtor will be tied into these markets anyway.

Another thing to note, a 203k loan will be a lot less attractive as an offer, due to their increased timelines and headaches. So they are a great product if you can get it done, but I wouldn't limit yourself there. There are other options if you need to complete a rehab.
[email protected]
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Louie Mikros
OP
Member since 2022 · 8 posts · 7 votes
3y
Quote from @Lucia Rushton:

@Louie Mikros where are you looking to move ?

hi Lucia. I am in San Antonio!
1 Reply
Louie Mikros
OP
Member since 2022 · 8 posts · 7 votes
3y
Quote from @Ben Rhodin:

Hey @Louie Mikros! Definitely don't reinvent the wheel here. You are already past the first step of understanding what you are approved for. Now get connected with a great investor realtor that understands your goals and objectives and they should be able to take it from there. No need to go off-market for your first one, or a house hack, as a lot of the time they will be cash-only deals and you won't be able to take them anyway. And a good realtor will be tied into these markets anyway.

Another thing to note, a 203k loan will be a lot less attractive as an offer, due to their increased timelines and headaches. So they are a great product if you can get it done, but I wouldn't limit yourself there. There are other options if you need to complete a rehab.
I appreciate your feedback & insight! thank you.
0 Reply
Ryan ThomsonBusiness Member
Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
3y
Hey @Louie Mikros I would connect with a house hacking realtor. Get a great house hack to start. Then you can try to do all of the off market or 203k type investing after your first one. Don't overcomplicate it and try to swing for the fences on the first deal. It will just hold you back with analysis paralysis and trying to find something bigger and better.
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Ryan ThomsonBusiness Member
Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
3y
House Hacking is amazing. Here are some resources I found really helpful on my journey:

1. For podcasts I really like the House Hacking episodes on Bigger Pockets Podcast and other channels. Here is a playlist with the best House Hacking Podcasts I’ve found: https://open.spotify.com/playlist/4A6uLsPfdWEMmJhG4TSjyb?si=743bb403548f47fb

2. Great beginners guide: https://www.biggerpockets.com/blog/wp-content/uploads/2022/08/Ultimate_Beginners_Guide_BiggerPockets.pdf

3. The Book on House Hacking Strategies by Bigger Pockets is also a fantastic book

4. Happy to talk if you want more advice

5. Connect with a realtor who understands house hacking and has invested themselves

6. Connect with a lender to see what you qualify for and how you can improve that situation

7. Go to local Real Estate meetups and learn from people there
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Louie Mikros
OP
Member since 2022 · 8 posts · 7 votes
3y
Quote from @Ryan Thomson:

Hey @Louie Mikros I would connect with a house hacking realtor. Get a great house hack to start. Then you can try to do all of the off market or 203k type investing after your first one. Don't overcomplicate it and try to swing for the fences on the first deal. It will just hold you back with analysis paralysis and trying to find something bigger and better.
I absolutely agree. lots of thoughts and information is causing me to over think every single route to take when the simple route to take is the one to just get started and look for a hit to get me to first base not a home run! thank you for your insight ryan !

0 Reply
Ryan ThomsonBusiness Member
Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
3y
Quote from @Louie Mikros:

Quote from @Ryan Thomson:

Hey @Louie Mikros I would connect with a house hacking realtor. Get a great house hack to start. Then you can try to do all of the off market or 203k type investing after your first one. Don't overcomplicate it and try to swing for the fences on the first deal. It will just hold you back with analysis paralysis and trying to find something bigger and better.
I absolutely agree. lots of thoughts and information is causing me to over think every single route to take when the simple route to take is the one to just get started and look for a hit to get me to first base not a home run! thank you for your insight ryan !

You are very welcome! My goal is to help as many house hackers as possible, so I'm glad to hear that helped.
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Account Closed
Real Estate Agent · San Antonio, TX · Member since 2016 · 67 posts · 58 votes
3y
@Louie Mikros Good for you! That's how I got my start in investing as well. Myself, and my team, work with new investors and future house hackers like yourself all the time. Feel free to reach out as you begin your journey. We'd love to work with you!
And yes, you are correct. Most opportunities to occupy SMF currently are going to need to be purchased with a gameplan in place to add value or make needed repairs. You're off to a great start.
Aaron
0 Reply
Rachel Tripp
Real Estate Agent · New Braunfels, TX · Member since 2022 · 12 posts · 5 votes
3y
House hacking is a so smart and a great way to start! Be wary of wholesalers and research research. Propwire is a great (and FREE!!!) resource. There are some good YouTube tutorials on how to use it. Best of luck to you!
0 Reply
Aniq Bajwa
Member since 2021 · 8 posts · 4 votes
3y
That's awesome! If I could go back in time I would have started this way. It's the easiest, cheapest way to get into real estate investing. Good for you.
There's plenty of Bigger Pockets episodes on this topic so I'll leave you to that. Good luck!
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