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Updated over 5 years ago,
First rental investment (house hack) in Butte Montana
I am looking to purchase my first rental property in Butte Montana. I am a full time student and will be finishing engineering school in one year. I figured for my final year why not start my real estate investment in beautiful Butte and try a house hack. I have been looking at a multitude of multifamily properties but have narrowed down to a duplex @ $139.5k (2/1 & 1/1) and a quadplex @189k (1/1). They both have a strong rental history. The duplex is more affordable (considering im a student). While living in one of the units of the duplex, after the mortgage and operating costs are payed from the other unit ($775), I would be paying just less than 300 out of pocket. When I eventually move out I would see around 150 dollars of cashflow from the duplex immediately. The quadplex would cashflow even while house hacking right off the bat. My only issue seems to be funding and providing proof of income to get qualified for financing. I think I may start with the duplex considering it will drop my monthly expenses while house hacking and give me a solid first deal under my belt without biting off more than I can chew right away.
Any thoughts or input?