For someone who is just getting started, house hacking can be an overwhelming process. You may fumble around trying to analyze properties, asking yourself questions like “Am I even doing this right?” or “I need to find a handyman and CPA to start building my team.”
To avoid getting stuck in paralysis by over-analysis, it’s best to break things down into small, bite-sized pieces. If you’re just starting out and looking to purchase your first house hack in the next six months but are confused about where to start, follow these four steps:
Step 1: Networking
Get out there and network! There has not been one networking event that I have attended where I did not walk away with another amazing person to add to my network or a new tip/piece of information I was not aware of. Networking is one of the most undervalued pieces of real estate investing.
Action: RSVP to our next House Hack Networking Event. This will be a great opportunity to network with other local house hackers
Step 2: Education
This one goes without saying. Podcasts, books, masterminds, etc. Start learning about what you want instead of asking someone else what they would do. That’s like asking someone what the best car is. It depends!
Action: Go through our 6 part house hack webinar series where we discuss everything you need to know about house hacking in Denver and more! Click here to access the student resource page.
Step 3: Investor-Friendly Real Estate Agent
Find yourself an investor-friendly agent and start building a relationship, even if you are 6-12 months out. When I say “investor-friendly agent,” I mean someone who has a track record of closing deals that you are interested in. Another bonus is if they are actively house hacking themselves or doing some form of RE investing. This is not a time to help out your best friend or brother’s wife who just got their license. Lucky for you, our Envision Advisors Team is packed with rock star invest friendly agents.
Action: Click on this link to schedule a call with our team so we can get to know you and your goals
Step 4: Investor-Friendly Lender
A lender and agent are the Tier 1 of your investing team. Find yourself a good agent, and they will bring you a good lender. Connect with the lender, let them know your investing plan, and get an idea of what your buying power looks like. This will help you define your buy box and start analyzing deals.
Action: Reach out to Troy Howell and start building a relationship! You can not house hack with out financing.
Contact: Troy Howell
Email: [email protected]