Howd you Finance your First Property?

Question

Hey everyone thanks for taking time to look at my question. Ive been seriously looked into my first investment in real estate, I believe the main thing holding me back is financing. Im wondering how you got your first investment property, yourself!

If it helps, Im personally looking to invest in Multifamily/SFH long-term rental. Hope you have a good one and thanks in advance.

Dreyson John Kuikaika Mahi · Answer

house hacking/long-term rental*

David Williams · Answer

Hey Dreyson! For our first investment property we househacked. It's by far the best financing terms; lowest amount down (3.5-5%), best interest rates and an excellent way to learn how to landlord without big risk. You can use the new income from renting out rooms, basement or additional unit to save for your next property. After owning the home for a period of time and the home continues to appreciate and/or you add value to the home you can do a cash out refinance (depending on rates) or get a home equity line of credit and put this all toward your next purchase. After living in the home as your primary residence for one year you can depart that primary and buy another househack (or just a primary residence) with those same awesome financing terms. You can then have your first home be a rent by the room or single occupant rental and then you are well on your way. Congrats on getting ready to take the next steps!