Updated 9 months ago on . Most recent reply
Hi BP Family!
Hello everyone! I am Akeem, a graduate engineering student currently based in the Piedmont-Triad area of North Carolina looking to invest in my first multifamily property. My goal is to house-hack a multifamily home or set of condos (2-4 units, ideally). I want to live in a unit (alone!) for no more than 2 years, and rent out the others to start earning some passive income in the real estate space. I've just recently connected with a realtor in my area who's helping me develop a plan to make this first deal. It seems like my best loan options right now may be the FHA and some kind of DSCR loan. As a first-time homebuyer, I think it behooves me to take advantage of the First-Time Homebuyers Program.
How's this for a play: I purchase the condo I plan to live in through the first-time homebuyer program, and use the DSCR loan to fund the 3 other rental properties (2 neighboring condos and a duplex preoccupied with long-term tenants). I think this plan will cover my mortgage AND generate me some substantial passive income--but I'd love to get some feedback and guidance on my strategy. Especially if anyone can help me figure out the most cost-effiecient way to passively manage the properties. I'm super glad this site exists and cannot wait to start learning and EARNING!
Thanks.