All Forum Posts by: Elijah Householder

@Jason E. Smith

Hi Jason, Really appreciate that advice and think that sounds like a great idea! I work in the mortgage industry and can see first hand that this is a sellers market. Although it is a tough pill to swallow because I have been waiting for a while and finally feel ready but definitely don’t want to start off on the wrong foot. And who knows, maybe in a couple months even be upsidedown on my home. Love the advice of still going to meet people and getting ready to roll when the time comes though. Thank you so much!

Hello all, 

I have been saving for about a year now and am finally in a solid position to buy my first property. I have always planned to house hack my first property in California (Where I live) but I am starting to really like the idea of purchasing a SFH out of state and in NC specifically. After a little research it seems like a growing area and the company I work for actually has a branch there. Although I do not plan to move I can always go there for a bit at a time and still work if need be.

I am looking for ANY advice you all may have since you are the pros!! I will be going to Tennessee in about two weeks to check out the RE there and hope to visit NC in the next month or two. This will be my first property and want to do everything I can to get prepared and make the best decision possible. I am currently looking in Charlotte because that is where the company I work for is located but am totally open to any other areas in a reasonable distance. 

Any advice would be greatly appreciated! Whether it be advice on NC, Charlotte, buying a first property, how to meet people there. I need all help I can get:)

Best,

Elijah

@Randall Peterson

Hi Randall, Appreciate the response! Sounds like you’ve set that property up pretty nice! Love to hear it. I actually just went to look at some properties today. There were some nice Duplex’s but as you mentioned I just need to do the number crunching. Thank you again for the response!

@Andrew Schutsky

Hi Andrew, I appreciate the response! I do think having the option to have 75% occupancy could be a good option and allow for more room to add value.

@Tyler Hungerford

Hey Tyler, Appreciate the response! I do feel like having the option of adding an ADU down the road could be great. I will keep that in mind for sure!

@Scott Gaspar

Hey Scott, Appreciate the response! I am only about 20 minutes from Ontario! Love that area.

It sounds like your buddy got a great deal. That is exactly what i’m hoping to do. Would love to speak with him and learn about his experience! Will send you a message now. And I wish you best of luck on your first property!

Best,

Elijah

Hi all,

Hope everyone is doing good. Only posted on BP a few times so apologies if this is in the wrong spot.

So my title somewhat says it all. In your opinion, is a 2, 3 or 4 unit property the best to house hack? I know it really comes down to the deal but just curious if anyone is able to throw their 2 cents in what a beginner should look more into?

My thoughts as of right now are to do a 2 unit as I do live in Southern California so the purchase price will be somewhat high for me at least. I have been very fortunate in this recent bull to be able to do about 15% on about a $500,000 property (in the Riverside area if anyone if familiar with the SoCal area). This will leave my mortgage payment around $2,000 a month which I can afford even without a renter. But I am wondering if it would be better to maybe purchase a 3-4 unit property for around $800,000 and put 10% down? This would obviously just leave me really tight if things went south and I had 100% vacancy.

Would super appreciate any advice people have! Again, I know much of real estate investing does come down to the deal and the numbers but just wanted to see if anyone had some advice they could give.

Thank you and I hope everyone is staying safe!

@Al Diaz

Hello Al! Thanks for the response! Being spread to thin was one of my concerns with purchasing a SFH because of the large down payment requirement. I am hoping to put around 10-15 but I know if needed and the deal is right I could even do 3-5% and use the left over funds for repairs, etc. Thanks again for the advice I really appreciate it!

@Guy Yoes

Hello Guy! Thank you for the response! I totally agree. I am working purely from my own funds so I feel like house hacking will be the way to go. I totally avoided SFH because of the high DP required but wanted to get some advice from the pros. Looks like house hacking is the way!

@Jonathan Styer

Hello Jonathan! Appreciate you taking the time to respond. I totally agree. As of right now I am lucky enough to be able to work from home so I am living with my parents which allows me to save a lot of money. But of course I want to move out soon and thought house hacking will be the perfect path to that!