FHA House Hacking DUPLEX-Options?
Hello Everyone!
I m a newbie investors,I been looking for a duplex,triplex to house hacked and this week I found a duplex in Orlando that I'm debating what action to take.
here is the property information..
-Multi-Family Home 4 Bedrooms4 full Bathrooms
-1,736 sqft
-Built in 1986
-Front unit needs work around $6k (floors,a/c and cabinets) tenant pays $575 month
-Back unit is in way better shape but tenant pays $400 since the work on the unit was done by them (needs minor repairs at $2k to upgraded)
Seller is asking $110k (property has been trying to sell for 100+days)
I ask my agent to offer $65k but the counter offer came at $75k.......
I think we can get a deal at $70k not 100% sure
I'm undecided on what to do ?
I believe I can buy it and live in one side and rent the other but front unit needs work asap.
-Can I get approved fha even if one of the units needs to be rehab?
-Do I use FHA 3.5% and government Assistant if offer to me?
-Conventional at 5% plus closing cost?
Already pre approved for FHA but Im thinking about living there for a year than moving and rent both sides out
After repair on both of the units each side can rent for $675-$775
or should I wholesale the deal to a cash buyer?
sorry for the crazy explanation and I hope you guys can help me decide?
thanks,
Carlos Guzman