4 ms·

>1. Buy a house in a place where it's normal for people for rent rooms or have roommates sorry can you explain how you start with this step if your net worth i

• tabeth 9y ago
  If you buy a multifamily you can do so with as little as 3% down. Rent out the rooms in your unit and you're generally good for most markets.
  • bequanna 9y ago
    The big caveat here is that you have to actually live in one of the units. This is commonly referred to as 'House Hacking' and you can buy up to a 4plex, I believe. Otherwise, barring some creative financing, you'll be putting down 20-25% of the purchase price.
    • tabeth 9y ago
      Absolutely right here. If you're not an owner occupant it doesn't make sense. One other reason you want to be an owner occupant, in addition to financing, is that you're closer to the action, meaning your property will be far less likely to be ruined as you respond to things way faster.
• lev99 9y ago
  Your net worth has to be more than 0, but you don't need a lot of money just decent credit.
• adventured 9y ago
  Have an income that can get you a mortgage for a starter property. The median existing US house is about $220k to $250k depending. Assume you shoot lower, $175k. Texas, and three dozen other states, are overflowing with houses in the $175k to $225k ballpark. Your primary challenge will be the downpayment. You'll either need to involve another investor, family/friends, do something risky on debt, or save for a number of years first.