Updated over 3 years ago on . Most recent reply
Is House Hacking Dead?
Hello everyone,
The reason I'm posting this because of my feeling of frustration and discouragement about my market (ATL) but in the same respect still trying to find ways to be optimistic and adaptive... if even possible at this point.
My goal is to do an FHA low money down multifamily house hack on a duplex. I finally have the funds needed for downpayment+closing from saving over the year. Also have just about survived the first round of obstacle courses by getting my FHA preapproval letter (currently working on a conventional with another lender). The problem now is - finding a deal that makes sense. Where I'm located, multis are very few and far between. If I do find one its either a piece of junk, way over priced or I'm just competing with all cash offers.
I'm not throwing in the white flag yet because really I'm just getting started. However this has me thinking what I need to do in order to be successful. On one thought I have a backup plan to just get a SFH, live in it for a year and then rent it out afterward (boring). The other thought is to keep trying to fight against the grain and get that duplex someway somehow. Not looking for an exact answer on what I should do at this point because ultimately I will have to make that decision based on what's best for my situation but I'm more-so looking for some ideas/thoughts/strategies that I can bounce off of others in the community!
Most Popular Reply
@AJ Satcher if you want to be successful, you're going to have to get creative. I'll be upfront, FHA offers for 2-4 unit on-market properties in Atlanta are going to be extremely difficult to come by. You're correct, most small multi-unit deals are receiving cash offers well over asking. Have you considered SFH and rent by the room or identifying properties with an in-law suite that could be used as a long-term rental or short-term Airbnb use? You'll either have to go that route of being niche-specific on property types or put in the work to try and obtain an off-market deal. Hope this helps!