240k quad- my dream deal to get started...
Hi everyone! Not sure if this is the right place to post this, but here I go. So I found this amazing quad, it is about 240 K and the rents are right now total 1900, but I know I can raise them to 2100. I want to house hack this, and live in a unit. I have good credit but not a lot of cash saved up- I wonder what creative strategies there are to get the 8500 FHA down payment covered? .... thanks! Will FHA allow owner financing for the down payment portion? #sickofpayingrent
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Thomas S.
#2 General Landlording & Rental Properties Contributor
#2 General Landlording & Rental Properties Contributor
This is a very tight for your first deal, your rent to purchase is low even after the rent increase. You may be better off shopping around for a better deal.