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From First-Time Homeowner to Landlord: How ‘House Hacking’ Made it Possible with Just 3.5% Down

Photo from Google

A young real estate investor, Chris Tran, showed how he went from homeowner to landlord in a year. Chris’ real estate success story began with a 3.5% down payment and “house hacking,” showcasing his property investment strategies for financial advancement.

Photo from Google

From First-Time Homebuyer to Landlord

In a recent TikTok post, Atlanta real estate enthusiast Chris (@christranco) shared his journey. In a year, he turned his first home into a rental property utilizing innovative methods to join property investment. Chris wisely used a HELOC one year after buying his first home. He described the HELOC as a “credit card” for home equity and used it to put a down payment on a second home, where he lived.

Becoming a landowner by turning his first house into a rental was crucial. Chris showed how home hacking may develop wealth in real estate by having tenants pay the mortgage and more.

Chris entered the real estate market with a 3.5% down payment using an FHA loan, which sets him apart. This government-backed loan for first-time buyers allowed him to buy his first home with a much lower down payment than the 20% necessary for investment homes.

READ ALSO: Retiree Reveals Secret To Doubling Income And Banishing Retirement Worries With Lucrative Side Hustle!

Chris Breaks Down ‘House Hacking’ and FHA Loans for Affordable Property Investment

Chris stressed understanding “house hacking.” He said the FHA loan permitted him to rent his house after the first year, contrary to popular belief that it required a 20% down payment.

House hacking, as Chris said, involves investors buying a home to rent out and having renters pay the mortgage, and building equity while maintaining the property. Chris has successfully continued this cycle, using equity as a down payment for subsequent residences.

Chris’s tale inspires those who want to buy real estate with low down payments and use financial instruments. He shares his unique real estate investment lesson with the wider discourse on accessible property ownership and wealth growth.

READ ALSO: Biden Helps Students: No More Debt Under $12,000!

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