Want to house-hack a 3/4-plex within 2 years but also want to be able to enter other cash-flow deals with conventional mortgages, can I?
Hi All,
I've been listening to @Brandon Turner and @Joshua Dorkin on the BP podcast a lot lately and I keep getting crazy excited about house-hacking a MFR 3 or 4-plex to live rent free and cashflow on a property. Even my reluctant wife is excited about the idea after listening to the BP podcasts on our road trip. I know FHA/203k loans are available to us if we are going to live in the property, but what else is available?
Also I want to be able to get conventional financing for other rental properties... Is it possible to get loans on more than one property in a year?
For instance, I'm evaluating this deal on a $65k 3/2 halfplex in Houston that has a tenant ready to renew there lease at $1000. I have a friend who will provide the 20% down payment for 50% equity if I provide the loan because I have a good job and we think this will bring about $300-400 in cashflow after mortgage, insurance, and taxes. Seems like a good deal. Can I get into this deal and still get into a MFR to live in with a 3.5% down FHA/203k loan with my wife and I's salaries later this year?