A question I often receive from people looking to buy their first investment property is: where should I start, and how do I start?
An answer I commonly give is you should consider house hacking! House hacking is where you buy a multi-family property (2-4 units) and live in one of those units. Your tenants living in the other unit will lower your expenses or cover your mortgage entirely. House hacking is a better alternative than paying 100% interest renting from someone else. Also, financing is typically easier since your investment property will be “owner occupied.”
Scaling your rental property portfolio is easier since you can rinse and repeat this same strategy yearly and buy a new “house-hacking” property while keeping your old house hack and filling your spot with another tenant!
Living in one of the units allows you to closely monitor the property and gain valuable hands-on experience as a landlord. This experience can be crucial in understanding property management, dealin...
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