Start with SFH or Wait for MFH

[Benjamin Sulka]

I have an opportunity to purchase a SFH for below market value in a good area with a lake view. I have a motivated seller (a relative of mine) in my network who is going to be ready to sell when I'm ready to buy.

My initial plan was to house hack a multifamily but I would need to wait at least a year longer to get into a deal like that given my situation. I'm getting married first and can't afford a multifamily in my area anywhere near as soon as I'd be able to afford this property. 

I'll be able to get into the property with relatively low money down because: 

1) I know the seller 

2) The seller already agreed to fix anything that needs fixed in the property before they depart 

3) I have contact with a local lender who offers a loan for 0-5% down on a SFH or a duplex with no PMI

I didn't really want to get started with a single family but I can rent out the other room for a year and then turn into a full time rental once we move out. 

Does it make more sense to wait to buy a MFH in likely 2025 or pursue this opportunity? 

[Kevin Paulk]

@Benjamin Sulka

"Opportunity knocks only once. You never know if you'll get another opportunity."