3-4 Family House Hack Jersey City

[Patrick Q.]

Hello All,

I plan to do a 3-4 family house as a house hack with FHA financing.

The plan would be to buy the property, renovate one of the units nicely, live in that unit for 1-2 years and then move on to a house that we buy and live in long term.

The 3-4 family would then become a rental that we would ultimately hold long term.

The other 2 units we would clean up and do minimal work to initially and when the first round of tenants leave, renovate/upgrade the other units as they become vacant to hopefully increase the rents.

I had been researching single family options prior to COVID and am starting my research on multifamily and hoping you guys can point me in the right direction to save some time on a couple of things.

My questions are as follows:

-In terms of financing. Are there any avenues/tips that you would advise I explore?

-Am I at a major disadvantage in the multifamily world seen as though I am not buying with cash like other investors?

-I would like to avoid paying PMI for the life of the loan. Any tips on how to approach that.

-Does anybody have any good resources/study material that they would recommend?

Thanking you all in advance for any information/advice you may have.

Best,

Pajo.

[Lamont Chen]

@Patrick Q.

I have pretty good loan contacts who are quite creative in the area since we are pretty close.

Feel free to DM me and I can help connect you.