How to buy your first duplex in San Diego, CA with FHA loan!
We are looking into buying our first duplex/triplex in San Diego, CA with an FHA loan (3.5% down payment). We would like to live in one unit and rent out the other unit. I have used the bigger pockets calculator to figure our the monthly cash flow and the CoC ROI. However, I usually end up with a negative monthly cash flow of -$900 and CoC ROI of -20% for a property that costs around $1000000. I looked into duplexes with each unit having 3 bedrooms and 2 baths. Can someone please explain what my error is? Is the problem that I am paying around $900 mortgage insurance per month because of the FHA loan with 3.5% down payment? What is the average monthly cash flow and CoC ROI in San Diego for a duplex/triplex? What criteria is important when buying your first duplex in San Diego using an FHA loan with 3.5% down payment and you would like to live in one of the units? Any help is highly appreciated!