We have been discussing house hacking quite a bit recently. The reason for that is that it is the perfect option for first time investors/home buyers. You can essentially be a homeowner and a real estate investor all in one go.
Obviously, you will need help and guidance as a first timer, so talking to someone with investment experience like Amin Vali, founder of Amin Vali Real Estate Investment, is an important first step.
There are many factors to consider and steps to take for this process. One important factor is financing. Some of you may have the personal funds to invest without the need of a loan, if that is the case then making sure you invest your own money wisely is very crucial (www.aminvali.com).
If you, like the rest of us, need a loan to buy property, then figuring out what kind of loan/financing fits you best, is an important strategic step.
House hacking is a very specific type of investment, that falls somewhere between real estate investing and buying a home. As we’ve explained in previous posts, house hacking involves the property owner living on the property while also renting out the other units/rooms. The rent collected must cover all expenses and usually ends up creating positive cash flow as well.
There are a few different options for financing for house hacking, it all depends on your financial health, how much you can put down initially, your current personal assets, your credit score, your military status, the type of property you want to buy, the location of the property and your general budget or ability to finance any necessary development projects or repairs.
Some of the loans you can qualify for are FHA, VA, Conforming, FHA 203K and Fannie Mae Homestyle Renovation. Figuring all of this out can be daunting (www.aminvali.com). But once you do and your own home is making you money, you will be glad you did it.
Civil Engineer, MBA, Real Estate Agent
Cell phone: +1 (949)220-1000
Phone : +1(310)300-0011
Web : http://www.aminvali.com
E-mail : firstname.lastname@example.org
Realtor in Zutila Inc.