Best Market for House Hacking Small Multifamily (2-4 units)
My family and I are planning on using an FHA loan to house hack a small multifamily property (2-4 units) before May 2018. My job as a physical therapist allows me to pretty much work anywhere in the country, so moving to the best market should not be an issue. Our goal is to achieve financial independence through real estate investing. Cash flow is our primary goal with a market, but some appreciation would be nice. Also, we do plan on using an FHA 203K to put some rehab and equity into the property. We are currently living in Memphis, which is great for cash flow on SFH, but seems to be overpriced for small multifamily properties. Any advice on markets would help.
Most Popular Reply
@Josh Day - Memphis hits commercial rates at over 4 doors. That's one reason 2-4 multis are so popular. I like your idea and glad you are starting now because I'm guessing (it's been a while since I looked) that small multis in good areas are harder to come by - at least at a low market price.
Your best bet for finding deals might be to drive through areas that you like and send personalized letters to all the small multi owners you see.
Best of luck!