All Forum Posts by: Nicholas L.

@Louis Walker welcome.  Do you own or rent?  Do you have any savings?

@Jamie Lee can the garage be a legal BR?

@Ryan Gordon do you have any savings?  Can you househack in Boston?  Are you tied to Boston, or can you move out of Boston and househack in a less expensive market?

@Anna Neal are you working with an agent?

@Hunter Heimer finish college.  Get the highest paying W2 job you can.  Save up as much as you can.  House hack a small multi.

@Michael Williams give them a small gift card.

@Ryan Dyess  yep makes sense.  When you say grossing $550/month in rent, I'm assuming you mean that's your net cash flow?

@Ryan Dyess

The short answer is yes because even if you have $0 of cash left in the deal after you refi, you still don't want to be making monthly cash flow of $4. Or -$2. The caveat, and part of the longer answer, is that the 1% rule is just a screening rule of thumb. Maybe there's a fantastic BRRRR in your market that doesn't need to meet the 1% rule post refi based on the specific numbers... but again, you still want it to cash flow.

@Emily De Armas get W2 job in RE or any other field.  Save up money.  House hack.

@Danielle Nicholas all of these are options.  You can definitely continue to rent your primary and buy an investment property - nothing stops you from doing this.  Yes, prices are high right now, so you would need to find a good deal.  "Issues with tenants" are a risk in any market condition, not just right now. 

With that said, it's tough to beat house hacking as a strategy for getting started.  You get the best rates on financing, you get to practice being a landlord, and when you move out you have a small multifamily as a rental.  Does your market permit this?  If not, can you move to a market that does?