Family house hacking

[Zaid Jara]

Hey everyone, my name is Zaid. I’m 21 years old and currently working in manufacturing, but I know that’s not something I want to do long term. I’ve got some big goals for my future, and real estate seems like the best path toward financial freedom.

My family and I, a household of six, have been living in an income-based rental home for almost 10 years. Over time, that house has filled up with five working adults, which caused the rent to increase quite a bit. At this point, we realized we’d be better off buying a home, and that got me thinking seriously about house hacking as a way to jump-start my real estate journey.

Our plan right now is to buy a multi-family property together. I was thinking of using my FHA loan or possibly my older brother's to make it happen. The idea would be to live in one unit while renting out the others, then use the experience to build from there. Later on, we could potentially use the other FHA loan to expand and start building a portfolio.

I’d really appreciate any feedback or advice from people who have been in a similar situation, especially when it comes to financing, working with family, or house hacking as a first step. Any insight, tips, or even mistakes to avoid would mean a lot.

Thanks for reading, I’m excited to start learning and making progress in real estate.

[Graham Nadler]

Quote from @Zaid Jara:

Hey everyone, my name is Zaid. I’m 21 years old and currently working in manufacturing, but I know that’s not something I want to do long term. I’ve got some big goals for my future, and real estate seems like the best path toward financial freedom.

My family and I, a household of six, have been living in an income-based rental home for almost 10 years. Over time, that house has filled up with five working adults, which caused the rent to increase quite a bit. At this point, we realized we’d be better off buying a home, and that got me thinking seriously about house hacking as a way to jump-start my real estate journey.

Our plan right now is to buy a multi-family property together. I was thinking of using my FHA loan or possibly my older brother's to make it happen. The idea would be to live in one unit while renting out the others, then use the experience to build from there. Later on, we could potentially use the other FHA loan to expand and start building a portfolio.

I’d really appreciate any feedback or advice from people who have been in a similar situation, especially when it comes to financing, working with family, or house hacking as a first step. Any insight, tips, or even mistakes to avoid would mean a lot.

Thanks for reading, I’m excited to start learning and making progress in real estate.

 Hey Zaid,  I think getting started in real estate is an excellent way to begin.  You and your older brother could even combine forces and buy together for your family.  I love house hacking as a strategy.  You can put down 3.5-5% down payment which is way less than normal investment only loans which are usually 15-30% down.  You get experience in owning property (which can be alot different than renting), depending on size of the property you find you may get some money coming in from tenants or keep your housing costs low for each family member.  It's a truly powerful strategy to get started with lower risk and you sort of "learn on the job" which can be great if you want to scale eventually and add more. The best part is that is repeatable so you can do it multiple times.  If you ever have questions happy to share the insights I have learned by going through the process myself and getting to help clients.  My IG is actually geared towards house hacking specifically feel free to reach out there @thehousehacklender