Am yet to purchase a property but looking to buy somewhere in LA next year as a first home (and partial investment). I've looked into the idea of multi family and renting the other one out to eat into the mortgage and save some capital to reinvest. I believe you can get FHA and 203k loans for these properties- would like some feedback as to if this is a good idea?
Also re unpermitted granny flats etc - what are the drawbacks and is it difficult to convert to get a permit?
I am in the same position as you and currently looking for a multi family to owner occupy. I am looking to use a FHA loan if the property is in good condition or a 203k loan if the property is in distress (most likely this route). I think these loans are a great opportunity for a new investor considering the 3.5% down payment.
Without a fortune saved up to invest in real estate, buying a multi using a 203k looks to be my best plan.
Jerry Padilla, Lender in NY (#NMLS 1084877)
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