Hey guys, I'm looking to buy a duplex/ maybe a quadplex with 8% down depending on price. If I purchased one and lived in a unit while saving with renting out the other unit/s would I be able to purchase another home or duplex without having 20% down or could I save 8-10% down and buy another? thanks!
Yes. Most lower down payment loan programs require you to live there one year, but after that you can move. So if you kept moving every year you could keep buying new places with low down payments.
Awesome thanks Josh!
My wife and I have done this twice and are working on our third one for this summer. I highly recommend this path if you have the social fortitude to live in areas that the rentals make the most sence, and you do not mind moving regularly. We have built equity fast in the last three years with "house hacking" as Brandon called it.
Awesome, looking for my first and then once I rent out the other unit start saving for the next property, buy and hold seems to be the path I'm looking to go down so I'm excited! Now is the better plan to purchased a house of my own after a few rentals are bought or is it best to keep going as much and buy as many as possible?
In my mind it makes sence to keep doing it as long as owner ocuped rates are are better than investor rates. Not sure what happens when I max out the 4 loan limit on these, guess I'll find out after this one.
I also like occupying a place cuz it allows me time to tenant proof my house while I'm living there. Working the bugs out of it.
For us milt-family hasn't worked out for our areas or business plan. We have done very well single family homes. We have many friends who have house hacked these :) Check out my podcast 103, I talk in-depth about what I do and how I look for my investments.
Thanks Elizabeth! I think after this first multi-family purchase I'm gonna go for single family homes :p but! how do I watch your podcast?
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!