Advice Needed 1st time buyer

[Alberto Lorenzo]

Hi my name is Alberto, I’m 26 I live in Miami I have 150k in my bank account. I live with my parents but I want to buy my own place. I own a air conditioning business so my income is good. Do you recommend I buy single family with adu or single family live there for a year save my money again & then rent that out & repeat process to a new home? Also do I put 5% down or 20% down? It would be my 1st time buying not sure if the fha 3.5 is good
Duplex and + is very expensive in Miami

[Matthew Kwan]

HI Alberto,

It really all depends what your goals are on first house hack. FHA allows you to put less down payment for 1-4 units but there's usually a higher premium of mortgage insurance and an upfront fee that FHA requires borrowers to pay at closing or to be financed within the loan amount . As for conventional, usually it's 3-5% down payment for single family residence with a lower private mortgage insurance. However for multifamily houses, it will require min of 15-25% down payment for 2-4 units. There are multiple creative ways that you can pursue when it comes to house hack. You can message me and we can connect, I'll be happy to help.

@Albert Bui @Carlos Valencia