5 town homes live in one and rent the others?
I live in a very expensive market, and I'm looking to reduce our current housing expenses by selling our own home and trying some kind of househack.
There is a portfolio of 5 townhomes (3bed/2.5bath) for sale for $1.5M. (300k each). This is actually a good price per home for our area. They currently rent for $2200/month. If I rent 4 of them and live in one I should just about break even with 20% down and self managing.
But, I'm wondering about financing. It appears that they are 5 separate tax ids, so I guess I could get 5 loans, or find a portfolio lender to lend me all the money for the purchase.
I guess my questions are:
1. What type of financing can I get if I owner occupy one unit?
2. Does this deal make any sense? I guess I would look at an equity upside, and maybe sell the units individually later.