Investing in a multi-family home in Philadelphia

[Yasmin Mohamed]

I really want to start in investing into a multi-family home using an FHA. I will be house-hacking. I'm looking for a property to be between $150,000-$200,000. I'm stuck on how to start. My questions are: 1.)Where do start my search? (I have been using zillow, trulia, and Redfin). Are these websites are a great way to start searching? 2.)When do I know it is a good deal to purchase the property? 3.)Can I use an FHA loan if I'm living in one unit and I'm renting out the other? Thank you!

[Mark Gallagher]

1) Yes those are good places to start, or hire a real estate agent. 

2) You'll need to find something that's essentially move-in ready for you to use an FHA loan. Something that's in average or better condition with 3 units occupied getting good rents, and one unit vacant would be ideal, but hard to find.

3) Yes, you have to occupy the property to qualify for an FHA loan.