New to Investing - House Hacking to Start
Hi All!
I am 28 years old, I work in the mortgage industry as an account executive for a Non-QM lender, and originate some investor purpose loans on the side. Obviously, this is where I found my interest in real estate investing and what got me thinking about this in the first place.
I am very knowledgeable on the financing side of stuff, but I specialize in only Non-QM (DSCR Included) so I have no knowledge of FHA or conventional type loans. I'd like to hear from someone who has taken the house hacking route for their first home.
How realistic is it to get a FHA loan on a duplex or triplex and find renters to cover the mortgage?
What are the things I should look for in a property that makes it a solid choice for this strategy?
Another side thought. I had an idea that getting a Duplex or triplex in a section 8 area so that the government takes care of most of the rents and I don't have to worry about chasing down payments. What are the risks associated with this. Good idea or bad?
Thanks in advance :)
Most Popular Reply
Who cares if you're living for free on your first house hack? Why is living for 80% off not enough? I started by house hacking a 2 bedroom condo. I was living for about 50% off and that was more than enough of a kickstart to keep growing my portfolio.