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Updated 5 months ago on . Most recent reply

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James Haight
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New to Real estate and Bigger Pockets

James Haight
Posted

I am just getting started and I am looking to star buying Real estate in the Jacksonville area . Looking for any help on good locations around Jacksonville and any help in general to get stared buying multi family and long term single family rentals. 

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Matthew Kwan
  • Lender
  • Seattle, WA
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Matthew Kwan
  • Lender
  • Seattle, WA
Replied

HI James,

Indeed, you can definitely househack in a multifamily by living one unit and renting out the other vacant units. The good thing about househacking a legal multifamily unit is that lender allows you to use the vacated units of 75% market rent as an income to offset the potential current mortgage. You can put a little as 5% down payment for conventional or 3.5% for FHA.

Alternative way, is to acquire the 2nd property as an investment property with conventional, while putting 15%-25% down payment. Down payment can be higher than primary, but the good thing is that you won't need that much income to qualify because lenders can you 75% of the market rents for the units of the property. Imagine the 2nd property is a 4plex, each unit can be rented $1500/unit of 75% =$1125 x 4 units =$4500 worth of income to offset your that 2nd property.

@Albert Bui @Carlos Valencia

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