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Updated over 3 years ago on . Most recent reply

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Renovate the basement or purchase another multi family

Dionne Rodriguez
Posted

Hello I live around the Boston area and bought my first triplex with a standard fha loan, it’s been one year with the property so I can move out of it. I was wondering if it made more sense to renovate the basement and turn it into a long term or short term rental. Or just purchase another multi family.I’m trying to stay in my backyard and I’m sticking to the house hacking strategy.

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Lien Vuong
  • Real Estate Agent
  • Boston, MA
1,655
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Lien Vuong
  • Real Estate Agent
  • Boston, MA
Replied

I would expand the basement and maximize the property so that you can turn it into a cash flow positive asset and refinance it into a conventional loan and then re use the FHA. It is highly unlikely that you'd be able to FHA with an outstanding 3F on your debt sheet right now.

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