Jersey City Heights House-Hack

[Vic Medina]

Hey all,

Looking to FHA 203K a duplex / triplex in the JC area. Question is - is that the appropriate financing lever, or should I get a conventional FHA as it would be my first purchase?

The other units rents would be the only way to qualify at the $700-$800k range and then force appreciation with modernizing one of these aging properties. 

If some of you think now is an awful time to do this (re: interest rates) I'm open to being told to wait as well. Also thinking of buying a single family and then flipping it to a developer to tear down and build new multi-family that seems to be going up everywhere.

Any advice is appreciated!

Signed,

Slightly frustrated aspirational RE investor