FHA 203(k) Financing in Northern New Jersey

[Tessa Schaaf]

Hi BP, 

Am a newbie investor looking to househack by buying a duplex as my primary residence in Northern NJ (looking for towns with good public districts, low crime, commutable to Manhattan). Have been looking into FHA 203(k) financing to buy a property that needs a little work / updating so as to add equity right away and not having to put the full 20% down when buying in a class A neighborhood. Would love to talk to other investors who have taken this path to hear about any lessons learned or advice on factors to take into consideration.

Longer term plan would be to owner occupy the duplex for 1+ years then buy a SFH in the area as my primary residence and keep this duplex as a rental property.

Thank you!

[Tessa Schaaf]

@Daniel Gonzalez thank you so much, this is very helpful.