House Hack an owner finance deal
Hi all, I've been thinking a lot on how to get started investing with no money. I've thought about house-hacking, but there's no way i'd qualify for a mortgage (i only make about $20k/year). I've thought about owner financing as well....but i was wondering if there was a way to do both...if it's even legal? let me explain:
1. find a multi-family property
2. negociate with owner for an rent-to-own deal (pay enough to cover mortgage & taxes)
3. Move in to one unit
4. rent out the other units to cover all expenses
5. once my lease is up (1-2 years), use the money i'm making off the other tenants as income as to qualify to buy and ask the bank for a mortgage