Need Advice for First House Hack

[Janelle Penner]

We don't have much income or money to put down so my husband and I decided house hacking would be our best bet right now. Problem is, we don't know anyone who's done it and there's so much we don't know.

So question one: how do you deal with existing tenants? We will be using an FHA loan so we'll need to be living in it but so many properties we've considered have renters on leases. Do we just have to wait until the timing is right or is there something else we can do?

Question two: We've had people tell us that now is a terrible time to buy and that prices are really high. Is it true? Should we wait?

Last Question: How do you financially analyze a multi-family residence that you will be living in? Do we just run the numbers with the amount we would get from the other unit(s) or should we analyze it as if it was all rented out?

Any and all advice welcome! Thanks! 😊