Plan to Househack a Multifamily In a Year or Two: Tips&Tricks?

[Phong Nguy]

Hello BP Community,

I am looking into house-hacking a multifamily unit (probably a 4-plex) in Berkeley, Oakland or the surrounding areas. Right now I get to work from home so I am staying at parents' home in Sac to save money on rent, otherwise I would be living in Berkeley for my job.

It seems like starting price is around $800k for a 4-plex in Oakland and around an extra $300k for a similar unit in Berkeley. I am not sure if I can save up for a conventional 20% down or if I can afford to do an FHA loan. I am leaning towards conventional since I do not want to pay for mortgage insurance, but this involves a significant chunk of cash up-front.

I still have a lot of details to work out right now, but I guess big picture that is my goal. 

To make sure I am more efficient during the process, I would like to ask a few questions from everyone in the BP community. 

1. What's the most important thing I should focus on right now?

2. For a buy & hold situation, is Berkeley worth the extra 30%-50% in price difference when compared to Oakland, assuming both deals generate relatively the same cashflow?

3. What are your go to tips and tricks?

4. What should I be asking you guys?

I am also looking for referral to a local (Berkeley and surrounding areas) realtor, lender, contractor or REI wizard to connect with so I don't miss a deal if I find one unexpectedly. Thank you so much for your input and I would love to connect with you!

Happy Weekend!