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Updated about 5 years ago,

User Stats

16
Posts
5
Votes
Nathanael Giovanni Opoulos
  • Ogden, UT
5
Votes |
16
Posts

Advice on how to proceed?

Nathanael Giovanni Opoulos
  • Ogden, UT
Posted

Hello,

I recently joined biggerpockets and have been really excited about getting into real estate investing. I've started looking at multifamily homes with the idea that I can do a house hack. I have about 14,000 saved away and was thinking of doing an FHA loan to fund my first purchase. However, I'm currently renting an apartment and I am under lease until September 2020. I was reading the lease and in order to terminate early, which I would need to do in order to live in the mfr I'd buy, they want 75% of the remaining lease amount. Currently that would amount to around 7600. Now the goal behind the house hack is to eliminate or reduce my largest budget expense(housing). So I understand I wouldn't necessarily need to move if I can figure out a deal where I can cash flow the property without needing to live there. If I do that though, I don't see how i'd afford a down payment at the higher percentage. Should I just continue saving for a larger down payment and look at purchasing once my lease is closer to ending or is there a way to still make this work with the constraints I'm under?

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