Conv vs FHA Owner Occupy Multifamily

[Aaron Osgood]

Hi there,

I have seen a lot posts recommending young guys like myself to go the FHA route when buying a duplex + to live in and rent one out. I agree the 3.5% down payment is great but I'm not convinced I can convince my girlfriend to live in the area I'm looking at for a year. That being said, is it possible to go the conventional route for a live in investment that would be 10%? I could not afford the 20-25% but 10% is doable. Is the year requirement for living there washed?

I'm envisioning living there for 4-5 months while I make minor upgrades and then rent it out.

Any advice is welcome. Thank you!

Aaron

[Diego Corzo]

Hey Aaron,

I like the idea of buying a duplex and living on one side while renting out the other. As a young person is easier to sacrifice for a year or two when you know it will pay off in the future.

I am 22 years old right now and my goal is to buy a single family home and rent out the rooms while I live on the master bedroom. It's a bit riskier having roommates than tenants living next door but I believe I can find good roommates and live for free while they pay for my mortgage and other expenses. I will save as much as I can so that I can buy my next rental property in 2015.

Buying a duplex in another possibility so the best deal I find, I will take it. I am still a newbie but I am reading a lot of REI and trying to learn as much as I can from this forum and other sources.

Good luck in your purchase