Updated about 5 years ago on . Most recent reply
House hacking a duplex
I’m looking to approach a seller of a duplex for 294,000.. This would be my first rental property. I will be house hacking. I sent a message and honestly did not think I’d get a response, but I just did!!! So it’s 294,000. 1250 per unit. I was going to ask for 290,000..4,000 at closing and 7% interest monthly payments with a balloon payment at the end of the one year mark. I’m just not sure about the 7%.
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Also it occurred to me . . . the primary "hack" aspect of a house-hack is the low-downpayment financing . . . notably FHA 3.5% down financing.
If you can seller finance it with low money down using seller finance then I'd skip the part about living in the duplex, owner finance that one and get it cashflowing, then house-hack another one.