First Duplex House Hack Questions to get Unstuck

[Tom Hastert]

I think we need to designate a forum just for this topic. I want to start investing and have been watching Brandon on Webinars for a while. I am renting now and I am finally completely out of debt and have been saving much better and my credit score is now over 700. My goal this time next year is to have enough for down payment, closing costs, and some left over reserves for maintenance and repairs.  

I have read Set For Life Scott Trench and I just got The House Hacking Strategy Craig Curelop.  I want to do my first move in duplex house hack.  But have some more finer detailed questions.

Use Realtors or direct marketing to duplex landlords. 

Use local or online lender? fha or conventional?

The reason I ask these questions is because I reached out to half dozen realtors and lenders and this is what I am finding out. Most of the realtors are just sending me what is already listed, and in my price range there is about 8 of them located in not very good places in town and have been on the market long and are the large houses that have been carved into duplexes and triplexes with out dated funky heat systems and stone foundations. I would prefer a 60's-70's side by side ranch with more modern forced air HVAC. Won't realtors go and find me one? because if they are just showing me what is already on MLS - well I already can see those see because realtor.com and Zillow and a local associations website is pretty close to what is currently listed

I wonder if I should skip a realtor and direct market to landlords in areas I want to live. One realtor asked me they would work with me if I use him exclusively, but I don't know if that means I would have to pay a buyers broker commission, and like above if he aint going to go farm me up one I want, then why bother?

Ok, now the lender questions. I also asked lenders about my plan to move into a duplex as an owner occupant. Some said I was still an investor and wanted 15 percent down, and I had to remind them of the FHA treats 2-4 units as owner occupant loans, like they didn't know anything about this way of buying a duplex.

Another lender told me they would give me a 5 percent down for the first duplex but after a year or 2 later when I wanted to move into another duplex for my second one, they would have to convert the first loan back to an investor loan? I mean what? he is going to call my first loan due or something?

I also thought if i could get the conventional loan I would get a lower rate than the FHA and would not have to refinance it later for my second duplex or triplex house hack.

what am I missing here. I want to be a serial duplex house hacker and then work into a live in 4plexe house hack ever couple of years.  Is this possible and how? and who if anybody should i be working with because I am kinda like getting some obstacles.

Thanks 

Tom

[Daniel Haberkost]

@Andre Jernigan

I came across it on the MLS so I did work with an agent. I'm not sure what construction is like in Indiana but here in CO Springs there are several zip codes with numerous split-levels that are perfect for house hacking.

It can work just as well as a duplex. In my opinion, the key is buying a nice property in a nice neighborhood that people want to live in (so you get a high volume of inquiries when you post for rent) which allows you to be extremely picky with who you let into the house. I enjoy having my tenants around (and they pay all my expenses).