I have an idea of of the strategies I'd like to use for investing, but my situation is a little complex. I'd like to house hack. My initial idea was to purchase a duplex, stay for the yr required for FHA loan, refinance, and repeat. Because I will be housing my mother I will not see cash flow. I have no problem covering the mortgage. Following my plan I'd move after a year. Tenant screening could ensure someone good becomes her new neighbor, but now I am thinking of another approach. I'm thinking, maybe I'll get a house that I can add value to, mom will stay there and I will leave a year later. Next I will house hack a duplex. That way my mom is in a set environment and I'll be the one moving.
Could this work out?
What would you do?
Are you single?
The reason I ask this is because you can get the Duplex and share a unit with your mom for 1 year and rent out the other. That way it will help you save for another investment much quicker with the extra income. Then move
Get a distressed triplex and add value to it using an FHA 203K loan.
Updated over 3 years ago
This post has been removed.
@Ricardo S. I am single with no kids. I really like my space, but maybe I'll take that into consideration. It's basically the same deal that would happen if I bought a SF and stayed for a yr. Thanks for a different view. 👍 I have to work on pros and cons.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing