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Updated almost 10 years ago,
Looking to house hack...can't find many multifamily properties
Hello,
I’m fairly new to BP and RE investing and seeking some advice. I am in a situation where I am not sure what to do next.
I purchased my primary residence (property A) mid last year, with no knowledge of investment properties.Recently, I learned about real estate as an investment and wanted to start with a rental property.I purchased another property (property B) as an investment property (requiring 15% down).
Acting a little too quickly, I am now realizing how much money property A is taking out of my paycheck.This is about 1/3 of my income.
I started thinking I should rent property A and move into property B temporarily. I looked at the loan for property A and it says I must occupy the property for at least one year (4 months from now), unless I have in writing saying otherwise.
I will be able to count 75% of rent toward income if I have a signed lease in place.
I plan to buy more property and was looking to house hack by getting a duplex or something similar but am having trouble finding any in my area.
Does anyone have any suggestions on how they went from their house to another solution where they were able to save money by making the transition? I'm up for hearing any options and open the discussion to more than what I stated.
Thanks.