House hacking a 3 bedroom SFH

[Don Ferniz Tyree]

Good morning everyone,

In the near future possibly early 2020 or possibly later this year, I plan to purchase a single family 3 bedroom home and live in the master bedroom with my GF/partner for at least a year. I have to live there a year because I plan on doing the FHA loan with 3.5% down. After a year I'll move out and have someone take my place. I currently work a day job and plan to have the renters pay the mortgage and everything that I set my funds for. I will build up the cashflow for a year and since I'm still working a day job, Save up for another down payment on another single family home and do the same thing but not live in it. My goal is to focus on minimum 3 bedroom that way I can rent out the rooms individually then once I have mastered the whole process of SFH, I can move on to duplexes.

My question is... What are the pros and cons of doing this exact strategy and any suggestions and tips you can throw my way? Any help is always welcome. Thank you all for reading my post.

[Mike Roy]

@Don Ferniz Tyree - Why not start with a 2-4 unit property and house hack that? The process and FHA financing is exactly the same as a single family, but the benefit is more privacy, more stable tenants, and better cash flow. You could still rent out the bedrooms in your unit too if you really want to, assuming you have enough parking for everyone at that point.