Updated about 4 years ago on . Most recent reply
Multiple House Hacking Strategy
Looking to start out and have a plan I'd like to execute but unsure of some of the aspects of my strategy in minimizing capital outlay. I did research the forums quite a bit, but have not found comprehensive responses and I'm looking for advice.
So...I would like to purchase/rehab my first multi-unit property via 203K, and live in the property for the year. Then I'd like to purchase a second multi-family and move into that unit. I realize the FHA limit of one loan, so the thought is I'd go for a conventional owner occupied loan on the second unit -- hopefully at a low (5%) down payment.
Another potential option for the second (and third/fourth/so on) would be a BRRRR strategy leveraging private or hard money.
Area's of concern are - in my area (central Maryland), are investors able to even utilize the 203K option given the current market conditions? And along that same line of thinking, are BRRRR's viable in the same market/time? The more I research and analyze properties - it seems off market deals and creative financing on the subsequent properties may be the best approach?
It's been helpful to simply write out and talk through what's been rattling around in my head. But would greatly appreciate any input!
Thanks
Chris