New agent/investor, trying to buy my first property, which will be a 4plex and plan on house hacking so I can get an FHA loan, been running the numbers, the property already has 3 tenants, rent is 650 per unit, I've been using bigger pockets and applied the 50% rule after doing the numbers as well as I can it shows -90 dollars, just trying to learn more I believe with FHA loan I have to live in one of the units for 1 year, but after the year that 4th unit I can lease out as well. What should I do in this situation, any ideas, criticize please, thanks.
Investor · Bellbrook, OH · Member since 2016 · 63 posts · 39 votes
6y
The rules are good for a quick, "is this deal worth my time?" check, but you have to do a full analysis of the income, expenses, debt service, and ROI to determine if its a good deal. If you listed out all the numbers we'd be able to give better feedback.