Buying a multi- unit. But want to live it in myself.

[Tee Ward]

I'm a first time homebuyer. I want to do something that I'm not sure has been discussed here. I found a multi unit 2 unit property that I'm interested in. I can afford the mortgage myself, its less that I currently pay for rent. I'm not sure I want to do a house hack situation. I just recently started getting interested in real estate investing, so I feel like I have quite a bit to learn. I would like to live in it for a few years, then buy and move to another property (possibly another multi- unit or a SFH), but keep this property then rent it out. Has anyone done similar or is this just a terrible idea? What are some things I should consider if this is my plan? The property is separately metered, so I think that's one thing I have to consider- paying double utilities unless there is a way to switch over to one bill.

[Carlos Valencia]

Hello Tee, 

Welcome to the world of real estate investing. Sounds like your off to a great start so far. House hack is the most common and most affordable way to start your journey. If you do live in the property you can invest as little as 3.5 -5 % down depending on what loan product you decide to go with FHA or conventional. Then after at least 12 months you can leave and rent out the unit you live in just make sure your at least breaking even or cash flowing at that point so you do not limit your self when it comes to qualifying for your next 2-4 unit property. Make sure to plan ahead before leaving and do all you can to maximize the rents you can get on your first property. Maybe you can add another unit on top of the two that are already there to help maximize.

@Albert Bui @Matthew Kwan