Fresno , CA · Member since 2013 · 24 posts · 7 votes
I just moved to a new city {staying with family} about a month ago because my old city had a truly awful economy. I still haven't picked up a job yet but I have made the decision to invest in real estate.
My plan is to house hack a multifamily of some sort and have the income from that provide at least a place to live for my family {we currently live in a living room}.
Am I crazy for thinking that this is possible? Is it even possible at all? I was considering a flip of some kind but the place to live would benefit my family considerably more right now.
I can't get an FHA right now (I tried already). Does anyone have any ideas? I know there has to be a way to accomplish this feat. I would really appreciate any insight or advice.
I think your best bet would be to find someone with a multifamily property that needs to get rid of it. Work out with the owner to either offer 100% seller financing or let you simply take over the mortgage (these options would prevent you from needing a down payment). From there hopefully to can generate enough cash flow from the rented units to pay your expenses.
Good Luck, and if you have any questions you can always PM me!
Even if you could somehow get 100% owner financing it would be extremely risky to have no backup and no reserves. Especially with a family. That's how foreclosures happen. I would recommend you find a job and then a second job to start saving money.
Check out the book start.
Good luck!
Instead of "is it possible", you might ask yourself "would it be wise" to acquire a MFR property with no money and no income. There's a really good article on the BP blog about this.