Updated 2 days ago on . Most recent reply
Beginner house hacking
Im 19 saving up a little more for a down payment to begin my house hacking journey. Whats the main things I should look for or consider now with my first property to be more profitable and not waste money in the long run of owning rental properties. Start building a good portfolio, and plans to retire and become financial free earlier. Also how important is it that I get an agent in my area or take the time and research to find a good deal myself?
Any help or tips for a beginner at house hacking or property investing in general would really greatly be appreciated!
Most Popular Reply
#1 House Hacking Contributor
- Real Estate Agent
- Los Angeles, CA
Congrats on starting on the journey!
Really it is in low cost value adds. For example you buy a four bedroom house but convert the dining room into a permitted 5th bedroom. Extra income, add extra value, and the cost is a few thousand dollars.
Alternatively you can look in "paths of progress" meaning areas with potential for good appreciation.
In terms of agents, who you work with matters. Some agents suck, others are great. They can provide insight into what tenants want, locations, and rough costs for value adds. I've helped clients build portfolios of properties because we work more as a team rather than just opening doors and submitting contracts. The right agent can be gold.