My initial desire in real estate has been to do a house hack, preferably in a multi-unit building in order to rent out part of the property. Recently I have been researching purchasing an apartment building and living in one of the units. I was wondering if that would be smart as a first time investor and wanted to see if anyone had taken this on or if there was any advice anyone has as far as making this happen?
I know the loan process would be a lot different since it would be commercial, I wasn’t sure if that would be harder or easier, it would also change the insurance on the property. The idea really excites me.
Also, I would plan on a smaller complex of course to start maybe 5 to 10 doors. I’m in the Bay Area and deals are a little tougher to find but I know they’re there. Any thoughts, experience, ideas, suggestions? Thanks!
@Jason Hawkins the main thing people love about house hacking is that you can use the residential financing in order to purchase a 3 or 4 unit building. With commercial deals, you won't be able to do this, so the main advantage is negated. I personally would look to house hack a 4 unit if I could do it over again.