Looking for first multi family house hack with 12K
I recently bought a house with my girlfriend (we have a son together) in which I personally did not get on the loan or deed of the property. I intend on doing my first house as a house hack a multifamily, but turn the unit "I plan to live in" into a rental within 30-60 days. I currently have around 12K and additional 5K for emergency funds. I was wondering if any one could give me advice or assistance on what they would do if they were in my shoes. I live in Milwaukee WI so may do something within this region for my first investment. Also, would you do an FHA or conventional loan under these circumstances? Any expertise would be great. Thanks.
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House hacking is a great way to get started. If you plan on living in the property for at least one year, you should pursue FHA financing. With that amount of equity, FHA loan will probably be your best bet if you are looking for something in a decent area.