Thinking about renting out current SF and House Hacking a MF...

[Ray Fajardo]

Hi There,

Located in the North Central / Central Fl area and bought a SF about a year and a half ago, no real equity yet. Considering renting it out, ideally it cash flows since we have a fixed 2.75% 30 yr fixed, or at least pays itself while my wife and 2 toddlers house hack a 4 plex. Would ideally like a bigger than 4 unit MF to start, for the sake of cash flow. Thoughts on getting larger than 4 plex for our first REI?

Thinking it would be best in our situation to get a low down payment loan, fha or otherwise.   

Would there be financing advantages to getting more than 4 units, ie: counting rents as income to qualify for a higher purchase price/loan?

Any advice or critiques or first hand experience on doing similar to this plan?