Questions about house hacking in SF/East Bay
Hi,
This is my first time posting here— I found BP via an episode on the ChooseFI podcast. From my brief perusal this evening it seems like I've come to the right place to ask a few questions regarding so-called "house hacking" in San Francisco and the East Bay, specifically Berkeley/NOBE.
My partner and I are looking to get a bit more space— we currently live in a studio in the city— as we're anticipating expanding our family in the next couple of years. It would also be nice to have a room for guests to stay in.
We're attracted to the idea of house hacking as a way to offset monthly expenses and reduce the risk of such a large purchase. We've both rented our entire adult lives and, while we're comfortable with investing in paper assets, we have zero experience with real estate. That said, we're both motivated and my partner particularly has a knack for interior design, so we're not averse to a property improvement play.
Is house hacking a realistic option for us? We'd be comfortable with either a long-term or a vacation rental situation, assuming the numbers and the property are right for us.
As first-time home buyers, is an FHA loan possible? I'm only beginning to get familiar with the various limits, though at first glance it looks like we would qualify.