Updated 6 months ago on . Most recent reply
House hacking advice
Hi, I just turned 21 and very new to RE. I have saved up 5% for a quadplex in my current city. Would it be a good idea to buy it? They're asking 255k and monthly income is 3,000. I plan on possibly doing a house hack for two years. What are some advice you guys can give me before I invest a good chuck of my savings. Any help would be appreciated!
Most Popular Reply
Congrats on getting started in real estate! My advice is to start with a duplex instead of a quadplex. A quadplex can be tough to manage as a new investor, especially if you're living there and handling tenants. A duplex gives you rental income while being easier to manage. Also, make sure to account for expenses like taxes, insurance, and maintenance to ensure the numbers still work after those costs. Get pre-approved, do a thorough inspection, and research the local market.