House hacking second home?

[Brian Doyle]

Hey everyone! I current live in Brooklyn. I have a 30 year note in my apartment that I just refinanced. I'd like to get started with multi units to buy and hold in western Massachusetts, where I grew up. I would keep a small unit there for myself. I love the idea of house hacking. My questions are: Can I get a low downpayment FHA loan on a second building even if I own my apartment in Brooklyn? Are vacation homes loans something I should look at? Someone off line was saying that's a good way to house hack in my situation. If I do either of these or a personal mortgage how would I get a building in my name into a LLC as I grow more properties? Thanks for any advice...

[Kevin Andrews]

Hi Brian. Are you going to be living in the house that you purchase in western MA? I believe that is the only way to get the low down payment FHA loan. If you are going to continue living in NY and buying in MA you would have to most likely come up with 20% down payment. Of course there are other ways to finance properties than just your basic bank loan which you can find more information about if you search for "creative financing" here on BP. I'm not familiar with the LLC part of your question so I will leave that for other members to answer but you would most likely want to talk to a lawyer and a CPA to talk about the advantages and disadvantages of an LLC. Goodluck in your search for a property.