Hi guys, I am hoping that this gets alot of opinions out of my fellow Bronxites. Im wondering what your opinions are on house hacking with an fha loan a SINGLE family house in the Mott Haven section of the Bronx. Is it worth it to house hack a single fam or a waste of time and rescources?
Hey there. I have yet to do m first deal but from what I understand, a "house hack" only really applies when it's a multi family home and you happen to live in one of the units. (Anyone please jump in if I'm wrong on this). Now you can certainly use an FHA with a 203(k) loan to buy a single family and take advantage of the benefits. So long as you can cover the costs of the mortgage, utilities, insurance, and other expenses then go for it. Eventually you will gain a fair amount of equity to help with other purchases such as through a Home Rquity line of credit. Personally I plan to use a FHA and 203(k) with a multi family because the benefits of that option really appeal to me. (Renters in other units help me pay down my mortgage and I get to live in the house for free or very close depending on the house. Hope this helps!
I mean, it's possible to house hack a single fam. I think Brandon did it when he first started out. If you have spare bedrooms and don't mind sharing the common areas with tenants then have at it. A good friend of mine lives in a 2 bedroom apartment and hacks by renting out the other bedroom. I guess it takes a certain type of person, haha!
Although if you can get approved for an FHA, then why not shoot for the 2 Fam? Is it a big jump in down payment?
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