All Forum Posts by: Benjamin Sulka

Nathan, 

Welcome to BiggerPockets! You're definitely in the right place to supply yourself with the knowledge, the resources, and the CONFIDENCE to move forward with your first real estate purchase. 

I'm in similar shoes as I'm looking to buy my first multifamily property in May-June of 2024! 

Continue learning as much as you can about the Pensacola market, learning as much as you can about house hacking, and real estate investing in general.

You got this!

Welcome to BiggerPockets!! House hacking is the way to go. 

Got you. 

I would imagine because she is house hacking and is looking to pay less than she would renting a place by herself.

However, she did say that mortgage is $1,200 and is looking for $850 for the occupied unit (I imagine the same rent for the unit she is occupying once she moves out). That's only $500 left after the mortgage to go towards taxes, insurance, vacancy, maintenance, capex, etc.  which doesn't sound viable but maybe there are other details excluded. 

Hey Delaney!

Welcome to BiggerPockets. 

House hacking is an awesome way to get started and it's what I'm looking to do in mid-2024. 

Best of luck to you! 

Amanda, 

Try to house hack if that is something you're comfortable with. Go for a 2-4 unit. 

You'll have to live in the property for a year but this will give you hands on investing experience. 

Something to consider. 

All the best! 

This thread genuinely made me Lol

Mike,

Welcome to forums! 

Like Nicholas said, don't be discouraged if your house hack numbers don't work in year 1. You'll be living in one of the rentable units, you'll be putting a low payment down and rates are high. All of the factors will keep you from cash flowing. If you can pay less than rent, and if you have sufficient reserves, that's the way to go. 

Run the numbers for how things look after you move out. 

Cheers! 

Charlie,

Congrats on your future graduation and not having any student debt is absolutely fantastic. 

Keep up your education but also start networking in the area you are looking to invest. Talk to some lenders and get their take. Some lenders allow college to substitute as income history as long as you pass the other checks like debt-to-income and credit score. 

Merry Christmas! 

Welcome to BiggerPockets!

If you do plan on investing out of state (like some recommended above) you'd also have to factor property management into your calculations. Unless you planned on moving to wherever you bought. PM is usually 10% of monthly rent.