Updated over 6 years ago on . Most recent reply
I want to purchase my first investment property
How would you calculate a good deal on a multi-family property to house hack? Is it possible to get funding with an FHA loan for this type of purchase?
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What are your goals with the house hack? For example, some consider a "good deal" to be a property where they either have no mortgage payment or they are positively cash flowing from the other units. In higher priced markets like CA or certain parts of NY & NJ, some people want to just be paying much less than if they rented.
You will need to decide for yourself what your goals are and then you'll be able to determine what a good deal is.
Yes, it is possible to get FHA and other loan products for 4 unit and less properties. You should speak with a lender ahead of time to know what your options are and what hoops you will have to jump through so that you can be prepared when you find the deal.