Multi family first buy. Owner Occupied

[James Michael Carroll]

Hello! New to forum have a question, i'm in the Metrowest Massachusetts area. 

Want to buy a two family as an investment. If I don't occupy the residence, the down payment will have to be at least 20%. (Right?) A Owner Occupied Residence can be purchased with a rate of 3.5 % or likely a little higher. Is there a minimum time I would have to live in the house before getting someone else on a lease. 

I have a good living situation now. Multi family is the best bet for my area (as it seems to me...), i would rather not spend all my capital on my first investment to have to wait another 4 years for legitimate capital.

[Darina Pogodina]

Hello James,

Welcome to the forum. House hacking is the best way o get in. When you buy multi-family property with low downpayment such as 3.5% you will need to sign a paper that you intend to live there for at least 12 months. 

Obviously, life happens. With a good story you can probably leave the property after 6-9 months and fully rent it. 

Thank you!