All Forum Posts by: Mekkel Blanchard

House hacking is a great strategy to use to purchase a 2-4 unit with the least amount of money down. I personally moved around a couple times picking up properties and now have equity in them which I pull out lines of credit to then purchase more. I would also consider the RI market as well if you are comfortable going out that way? Price points are cheaper and deals can pencil out better.

I would say always be prepared to take action should an opportunity for house hacking come up! I’ve house hacked in both Ma and RI over the last 5 years and now help buyers do what I have been able to do by creating passive income. I think RI will continue to appreciate and over time as you(tenants) pay down the mortgage creating more equity. Down the road as you build equity you can pull it out to buy more real estate. Let’s connect!

Welcome to BP! Awesome that you are already on the track to figuring out a strategy. I think house hacking is the best way for a newbie to get started. Thats how I started in real estate and how I help clients today south of Boston and in RI. Theres still opportunities out there you just have to get a little creative with how you will run your property. Focus on getting the first one and try to buy one a year. Good luck out there in Chicago!

@Tori TrentThanks! and no relationships yet with hospitals/agencies but I would like to. We have have been lucky to get all our business on furnished finder, Nurse facebook groups, and also listing on airbnb for 30 day+ stays for the one we do not owner occupy. And yes, I now target 1 bed and studios specifically for mid-term rentals. Once you get in to 2 bed and 3 bed units you can likely get market rents depending on location or you will have to rent each room out and most of the time nurses want there own private space with out sharing bathroom/kitchen but Ive heard of people having success with it!

@Tori Trent nope no issues running it for the last 3 years and have been booked! at most 3 weeks vacancy. Here are links to two of them we run in our area. First one is the primary residence and the other is another building (5 units) Im converting to all mid term rentals.

https://www.furnishedfinder.com/property/289744_1

https://www.furnishedfinder.com/property/558732_1

House Hacking is the way to go! Great to see someone else looking to do it with a family. I also have 3 kids and during my search I looked for a-lot of the opportunities in properties that others have mentioned above. We found a single family with a finished garage that had an in-law suite above the garage with its own private entrance and a kitchenette. We bought in 2020 and updated the kitchen and added a bathroom and now rent the in-law suite to traveling nurses! Keep searching and you are sure to score a deal, good luck!

Hey, I also use mysmartmove.com for background/credit check with tenants. It is very user friendly and allows you to charge the tenant for the background/credit check for $42 or so. It will be totally up to you if you want to send it in your personal name or LLC. Ive seen people say to let the tenants know your the "property manager" or "one of the owners" to relieve the burden of saying im the "owner". When first starting out it can definitely feel intimidating but I like to always lead with honesty. So when I first started I put everything in my personal name because it was, and currently because I still self manage I let tenants know I am the sole owner and I manage everything like a business. Hope that helps!

Hey, Sorry to hear all of those expenses are coming at once. I think when anything involves people it will always involve some stress! I currently own 13 units and have had my share of stressful moments but over time building experience and connecting with those who have been through what your going through is very valuable. If you have a rolodex of people that you can call for advice and referrals is huge. It has also been good to set aside capEx expenses so that you are not scrambling for money when issues arise. It sucks now but it will be a learning experience and ideally you will not make the same mistake going forward! Good luck, and keep buying real estate!

Welcome to the world of real estate and happy Friday! BiggerPockets has so much to offer. When I was first introduced to it in 2018 I fell in love with the idea of investing and have not looked back. Ive now become a full time agent/investor and help newbie investors in my market. Biggest advice I would give is get out to real estate networking events! Network with other like minded individuals and learn learn learn. So much value in meeting people that are crushing it in your market!

Hey @Aidan Black awesome to hear you are taking the steps to buy real estate at 22! House hacking is the best way to start to gain knowledge and to see first hand how to operate and manage a property while living in it. I started house hacking at 21 and has been the best decision ever! Im  local and invest in RI now as well. I also suggest getting out to real estate events to network with other like minded people in real estate and learn as much as you can from others. So much value in networking. Im also hosting a real estate event on April 8th in Taunton MA if interested!

Join me at Real Estate Connections and Conversations https://meetu.ps/e/MVLcB/FJSv3/i