Advice on First House Hack Purchase

[Josh Richter]

Hello, my girlfriend and I have been searching for a house hack in the St Pete area of Florida.  We have found a 4plex that the numbers work really well, the property does need some work a little more than we were hoping.  Ran the numbers at full ask and lowest the rents could be only calculating 3 of the 4 rents as we would live in 1, not sure if a hard money lender would be the best way to go about or if a conventional could work as we are both first time home buyers?  Thank you, any advice that would be great!

[Jacob Beran]

I agree with Hai - you should also consider an FHA loan, as you can still get one for up to a four-plex (as long as you owner-occupy it for at least 1 year). That way you could put as low as 3.5% down.

Note: If you have not already, I would recommend getting pre-approved from at least one bank so that you can act quickly on any deals that come up.