I'm scared to death but gaining more confidence everyday using all the tools provided her on the Bigger Pockets platform. Cant wait until I find and close on my first multi-family property, Any advice is welcome especially when looking at the turnkey housing opportunities on here. How does that work? Can FHA financing be used to purchase those? Please advise all the ins and outs to purchasing those.
Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
4y
@Shera Ewing no, FHA insured loans are for owner-occupants only. If you plan to house hack a small multifamily (2-4 units), then utilizing an FHA-insured loan is highly recommended and is constantly discussed here on BP. If you're solely looking for a non-owner occupant investment, then more likely than not you'll have to go conventional. Start consulting with lenders now to get pre-approved and to determine how much you will qualify for. Hope this helps!
Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
4y
@Shera Ewing If you're looking to househack, I'd recommend starting with a 3-4 family (if possible since some areas don't have a large stock of these) with parking in a good location. Usually when you house hack a 3-4 family, you can live for free or close to free. Also with parking, you reduce the vacancy on a multi which tends to be one of your largest expenses. I'm house hacking right now so always feel free to DM me with questions.
@Shera Ewing If you're looking to househack, I'd recommend starting with a 3-4 family (if possible since some areas don't have a large stock of these) with parking in a good location. Usually when you house hack a 3-4 family, you can live for free or close to free. Also with parking, you reduce the vacancy on a multi which tends to be one of your largest expenses. I'm house hacking right now so always feel free to DM me with questions.
That’s exactly the route I’m trying to go. Just haven’t found anything in the right area with cash flow. It’s also find them turnkey. Thanks for being a resource for me. I will definitely be having questions!
@Shera Ewing no, FHA insured loans are for owner-occupants only. If you plan to house hack a small multifamily (2-4 units), then utilizing an FHA-insured loan is highly recommended and is constantly discussed here on BP. If you're solely looking for a non-owner occupant investment, then more likely than not you'll have to go conventional. Start consulting with lenders now to get pre-approved and to determine how much you will qualify for. Hope this helps!
Hi Michael.
I’m already pre-approved for an FHA loan and looking for a multi-family unit now. Problem is so many need so much repair that I can’t afford. I’m looking for something more turnkey. That doesn’t require a lot to fix. Hopefully something comes up soon. I’m not in a rush. Just waiting… Lol
I am currently house hacking by renting out one room in my house. I think sometimes we want to jump right into it, when what we should focus on is building the foundation.
Reading as many articles as I can, listening to the podcasts in the car and getting involved in these forums has helped to take away the nerves. Start small and then build your way up!
Memphis, TN · Member since 2021 · 82 posts · 37 votes
4y
@Shera Ewing welcome to Bigger Pockets. I strongly suggest using a company that you can trust and that has experience in the markets you're interested in. This platform is great for connecting with people in the real estate industry that have seen it all and have decades of experience.
I am currently house hacking by renting out one room in my house. I think sometimes we want to jump right into it, when what we should focus on is building the foundation.
Reading as many articles as I can, listening to the podcasts in the car and getting involved in these forums has helped to take away the nerves. Start small and then build your way up!
You got this!!
Thanks for the vote of confidence Melissa!! I appreciate it! I’m taking in all information as I can too! This platform sure helps a lot! Glad I found it!
@Shera Ewing If you are ok having roommates a single family house hack where you rent the rooms can also work really well!
Hi Conner!
Hummmm. I’m going to have to seriously think about that one. I think the only way I would do that is if the property has an in-law suite. Wonder how common those are??? Hummm
@Shera Ewing welcome to Bigger Pockets. I strongly suggest using a company that you can trust and that has experience in the markets you're interested in. This platform is great for connecting with people in the real estate industry that have seen it all and have decades of experience.
Hi Cade!
Thanks for the welcome! I was possibly coming to your area to buy, but starting local first.