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Start Investing with Little Money Down by "House Hacking" Multi-Family Properties
Dated: June 4 2020
Many investors have started their journey by "house hacking" multi-family properties. Conventional lenders will finance a property with 4 or less units as long as live in one of these units as your primary residence. How would you like to have your mortgage paid for by tenants in your other units? Check out these 10 properties that are available for sell. Reach out for more investor tips or to set-up a showing for one of these properties!
Check out these great multi-family homes for sale in Statesville, Salisbury, Mooresville, Landis, Kannapolis, Gastonia, Concord, and China Grove for Monday, May 4th. These homes are great for real estate investors that would like to start investing in multi-family properties that do not require a large amount of capital. Many investors have started their journey by "house hacking" these multi-family properties. Conventional lenders will finance a property with 4 or less units as long as you live in one of these units as your primary residence. Many investors will use a 3.5% down FHA loan to finance these types of deals and it requires less capital to get started.
The idea is that you live in one of the units, while your tenants pay you rent for the rest of the units. If you make sure that your numbers make sense then your tenants' total rent should be paying your mortgage or close to your mortgage. Eventually when the investor decides to move out of the property they can cash flow on their previous unit once they can rent it out as well.
Here is a very basic example (numbers may not reflect real-life conditions and are for example only):
An investor purchases a triplex for $100,000 and their mortgage is $600 per month. If he or she lives in one of the units and rents out the other two for $400 per month the investor is not only having their mortgage paid for, but they are also cash flowing an extra $200 per month. When the investor finally moves out they can also rent out the third unit so they are now cash flowing $600 per month.
How would you like to have your mortgage paid for by tenants in your other units? Reach out for more investor tips or to set-up a showing for one of these properties! #investoragent #biggerpockets #househacking #investingtip #wayfinderhomes #gallimorerealestate
Tehane is an investor-friendly real estate agent available for assistance with buying and selling real estate for first-time home buyers and sellers, seasoned customers, and real estate investors. Teh....
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