All Forum Posts by: Alex Smith

I am looking to purchase my first rental property. Love the idea of house-hacking and the ability to use FHA loan. However, my area of CT has minimal options for multi-family homes. I am at a point where living with roommates is out of the picture because of my family. Some alternatives that I have considered is purchasing a single-family home, living in it for a year as a primary and then moving and renting it out, or looking for a single-family home with a decent-sized basement and converting that into a unit. I know that comes with much red tape with the different zoning laws. Another option would be purchasing a single family home with the intent to rent immediately but it would take much more time to save 20% for a traditional loan. Has anyone else faced similar barriers to getting their first property? Thank you!

Thank you for the response. I agree that house-hacking seems like the best option. I anticipate the main dilemma will be finding multi-family homes in my area. I know house hacking SFHs is an option, but I don't think possible with my family situation. 

Hello everyone,

I am 29 years old and have a decent W2 income. However, I also have significant student loan debt. In the past 2 years, I have used my extra money to pay off student loans by interest rate. I am now at the point where my interest rates are <6%. I have decided that my money will be better spent on investing in real estate. I am interested in a single-family home to start off. The problem is I currently do not have enough for 20% down, especially in a high COL area in Connecticut. If I were to buy a somewhat distressed home, obviously renovations would add to that. What is the best way to finance this? Should I save up for 6 months - 1 year+ to come up with 20% down and reno funds? Is it worth putting <20% down and living in the house for 6 months with FHA? (This would add sig to monthly payments and limit cash flow). Any advice helps! Thank you