Very disappointed in BP RE: house hacking 3-4 unit
For the last few months, i've been VERY eager to start my vision of becoming financially free through the house hacking method. I've listed to MANY BP podcasts explaining how people buy a duplex or 3-4 unit property with an FHA loan, 3-5% down.... NOT ONCE have I heard them mention the "self sufficiency" rule!!!
The last few months i've been searching for a job in a specific area of my state to make sure i'm putting myself in the best potential area to make a house hack work on a 3-4 unit property. I found an excellent 4 unit... Cashflows $500 a month with me living in the 4th unit....still doesnt pass the self sufficient test per FHA rules....can't find much better around here. VERY frustrated i've never heard of this in all the hours of podcasts on house hacking i've listened to.
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@Steve Balinski - you mention that you (sic)listened to MANY BP podcasts.....what is possibly the most common theme with the various guests? It's the one thing every investor has encountered: failure.
How did you miss that lesson? The reason the guests are on there is because they did what all successful investors do after a failure: pick themselves up, dust off the dirt and go at it again. Just about everyone here who has done deals has failed at some point. Most of us have failed numerous times. So.....
You can blame BP, you can whine and quit, OR....you can pick yourself up and run at that 4-plex and find a way to make it happen. Hopefully you'll go with the last option.