House Hacking in Utah
Hello all, I have a question I would appreciate your insight and advice on. Me and my wife are looking to house hack a multi family unit in either Salt Lake County or Utah County. We are looking to use an FHA loan and only pay 3.5% for the down payment.
However, after analyzing a lot of different properties here, it seems like while we would be living there it won't cashflow unless we put down a bigger down payment, like 20%. Is cash flow all to consider when house hacking, or are there other benefits that are outside of that that I'm missing? And after a year we would plan to move into another house hack, but even after moving out it seems that it would barely cashflow.
Is this just because the market is so hot right now here in Utah? Has anyone done a successful house hack recently? What do you look for in a house hack? Should we hold off and just continue saving for a bigger down payment? We are really excited and anxious to start out but know that it's better to wait and get a good deal then jump in and get burned financially.
Thanks for your help.