Updated over 1 year ago on . Most recent reply
House Hacking in Rhode Island
Hello! I am a new investor looking to purchase my first property in the Rhode Island/Bristol County, MA area. I have built up enough savings to purchase a multifamily property with an FHA (3.5% down) loan or Fannie mac (5% down) loan. I would like to house hack as my first real estate purchase/investment.
My question is, in today's market, is house hacking still a good option? I am ok with the property not cash flowing right away, but I would like my living expenses to be minimized by a lot if I am house hacking. Ideally, I'd like to live in the property for 1-2 years, and keep it as a long-term rental property when I move out. Therefore, the property would need to cash flow when I move out and rent out all units.
Any thoughts and/or advice is greatly appreciated, thanks!