The multiplex - the first one, how do I move this mountain?

4 Replies

Hello BP,

How might one move into a multiplex, so that I may house hack?  That is the goal for my first home purchase.  Most of the duplex listings show in captions: "DO NOT DISTURB THE TENANTS." in plural.  To me, that says to me that there is no room for me and my wife.  Am I right in assuming that?  If that's the case, what other options should aspiring house hackers look out for?

I believe most zero(or low) money down loans require buyers to move-in, but is it possible to purchase a duplex without moving in using a 5% downpayment? And if I choose to not to move-in at all, would it not be wiser to purchase a really good SFH(single family home) instead and rent that to cover any rent I'd be paying? I ask because there seem to be a lot more really excellent SFHs and for about half the price of a really good duplex. Logically it seems to make sense to buy the SFH, but somehow I get the sense that it would be a lot harder to continue the house hacking dream if I go the SFH route. Am I right or wrong about any of this?

Lastly, I want to end this post by sharing an inspiring message read by our pastor this morning when he spoke about moving mountains:

“Because you’re not yet taking God seriously,” said Jesus. “The simple truth is that if you had a mere kernel of faith, a poppy seed, say, you would tell this mountain, ‘Move!’ and it would move. There is nothing you wouldn’t be able to tackle.” - Matthew 17:20

@Earl Jornales Typically owner occupant loans give you a timeframe (e.g. 60 days) before you have to move in to the property. So if you were to buy a property that is tenant occupied, make sure their lease allows you to give them a 60 day notice to vacate.

You can house hack a SFH as well. Buy one, and rent out the rooms you're not using. SFHs also tend to appreciate more over time.

That's good to know. I just remembered something i missed as well. If i continued to rent and then bought a SFH, i was thinking about it all wrong because i was forgetting the mortgage piece. It wouldn't work out as well as it would if I lived in a new purchase.

Earl, many of these offered may have tenants on a month to month basis and, good news, this may be about the closing time frame. And your agent and you will no doubt have a condition of one unit (in 2-4 until property) being vacant (and even a walk through) prior to closing. Presto. You make vacating the unit the seller's responsibility. And they have all the incentive in the world and tend to get it done to get their check....Best of luck..

I really like that idea.  The seller is selling the property to get some money and so we make an arrangement that helps me out before I agree to purchase.  And I think I may have noticed 1 or 2 listings mention month to month.  Thanks for the tip Mike!