First Property-Owner Occupy
Hello Everyone! Thanks for taking the time to read my first post.
I'm curious to hear if anyone else started out by occupying their first income property. I'll admit, I just created an account on here a few weeks ago, and its kind of overwhelming.
I am currently awaiting commitment from my lender on a 2 unit house which I am taking out a 3.5% down payment 30 year FHA mortgage. I hadn't heard of BP prior to this. While I have been passively looking for a multi unit house while saving (I wanted a much bigger down payment), I just couldn't pass up this opportunity.
I am just curious if anyone else started out this way. I am interested in owning multiple properties ranging anywhere from 2-4 units, and hope to purchase another next year. Although I will be living in half of the house (doing cosmetic work in unit 1, then moving to unit 2, doing the same, then moving out), after I move out the house will net me at a minimum $300.00 a month after PIMI.
Many of the things I have read usually consist of people purchasing with cash or a conventional mortgage, so I feel my situation is a little more unique, however I could be looking in the wrong places. If anyone could steer me in the right direction I would appreciate it.
Thanks!
Kevin