Multi-Family House Hack

11 Replies

Hello BP Community,

Myself and my wife are looking to house hack a multi-family home (2-4 units) for our first home purchase. We currently live in Houston, TX but are open to moving to other parts of the country if we are able to find a decent multi-family home. The problem I am finding is that most multi-family homes seem to be in less than ideal shape and in less than ideal neighborhoods from what I am seeing. I am looking for at least one of the units to be a 2 bed/2bath. Price range is $250k and below. Can anyone suggest possible locations or advice on finding one of these properties to purchase for owner occupancy?

Well, not California, I can say that much!  Too expensive for this in most areas.  I've had some conversations here on BP with people from Michigan and Ohio, and there seem to be a lot of good deals up there.  

What about other places in TX?  I realize Austin can be high, but maybe there are other options in smaller towns near major centers, places like Waco maybe?  Could be less expensive there.

I occasionally browse redfin or realtor.com for areas that I dont have access to the MLS. You can find what your looking for in a lot of mid-size cities in Texas. Im in the Austin Area and you might get lucky at that price, but you will need to do work on the property.

Take a look at the Waco, Temple, Belton area. You should be able to find properties in that price range that do not require too much work. 

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I would agree that Michigan has great potential. I live and invest in Ann Arbor, which has a great standard of living and a lot of duplexes. Some will be above 250K, but you could still probably get something. PM me and I'll send you an example from another area close by. 

Plenty of inventory in Killeen area. Temple Belton not so much.  2 family rents are 950-1050 for 2 and 3br units. Killeen area, rents 20% less. Let me know if can send you inventory of both areas. 

Your investor friendly broker,

Barry Ratliff 

I am new to BP and happy to see my first thread re:  Ann Arbor after only two days.  I live and invest here as well.  Great schools, lifestyle and appreciation.  The U of MI gets a large annual influx of grad students and young professionals moving in to rent each year.

We (Linnemann Realty) have some nice brand-new duplexes built by Yellow Lilly Homes in our inventory that may work for you.  The builder really decked out these units with beautiful tile surrounds.  We've had a lot of buyers live in one side and rent out the other.  If you are interested, send me a private message, I've got tons of pictures, plat maps and floor plan schematics I can send you.   

Originally posted by @Russ Beck:

Well, not California, I can say that much!  Too expensive for this in most areas.  I've had some conversations here on BP with people from Michigan and Ohio, and there seem to be a lot of good deals up there.  

What about other places in TX?  I realize Austin can be high, but maybe there are other options in smaller towns near major centers, places like Waco maybe?  Could be less expensive there.

 Thank you @Russ Beck. Waco will be a great place to look. I hadn't thought about that yet.

Originally posted by @Jim Robertson :

I occasionally browse redfin or realtor.com for areas that I dont have access to the MLS. You can find what your looking for in a lot of mid-size cities in Texas. Im in the Austin Area and you might get lucky at that price, but you will need to do work on the property.

Take a look at the Waco, Temple, Belton area. You should be able to find properties in that price range that do not require too much work. 

 Thanks @Jim Robertson. Austin would be nice and we wouldn't mind doing a little more work to the property if it were there. I will also take a look at Waco, Temple and Belton.

I have actually have an awesome house hack opportunity under contract. It's a huge 3400 sqft home with attached studio and detached duplex (2x 3/1). The deal can be bought sub2 since the owner has awesome terms. The remaining mortgage (40years) is 701k and PITI is 3805 per month. The duplex produces $3400 (1700 per unit) per month and the studio $1000. Let me know if you are interested. Closing date is 10/10.

Updated about 5 years ago

Unfortunately this deal fell through. Well was our first try... Still very discouraging though....