House hacking In Phoenix Arizona
Hello everybody my name is Erick Villalba I will be looking to house hack a multi unit apartment 2-4 units I am from Phoenix Arizona and would appreciate any suggestions to get started and find a good deal. Thank you so much and I look forward to connecting with everyone in BP. Really exited to get started as buy and hold investor!
Most Popular Reply
Consider doing an FHA loan for low down payment option (min 3.5%).
FHA loans (203b & 203k) allow the primary borrower to purchase a 1-4 unit residential property and you can even use up to 75% of the market value rent for the other units to help you qualify for the loan. You can also do mixed used residential with FHA loans.
Most rents are low but are increasing, and the low rents could make cashflow a bit more challenging. But a multi-unit property certainly helps a lot!
Phoenix real estate inventory is really, really low and demand from buyers is extremely high. So, it's quite difficult to find a "deal" today but not impossible.