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Updated almost 9 years ago, 02/20/2016
Multifamily question
Hey guys from Houston!!! Im new to BP and im not 100% sure if i put this in the right thread, if not i apologize in advance. With that being said, i am a TOTALLY new investor and have been very eager to getting my ball rolling in my investment journey. Im 18 and still establishing my credit right now so there is still time i think before i can make my first purchase. Meanwhile though i have been analyzing deals and ran across something to be questionable. So in my area ive ran across this fourplex running around 200k. Being that its a fourplex by description i thought it would be a good candidate because i wanted to house hack and use an FHA load. Well upon further digging i found that the building is in fact a fourplex but there is, on the same property, theres a garage or shed that has been renovated to house someone with its own water meter and everything, but it hasn't been used for quite some time. So my question is: is this property able to qualify for the FHA loan as a fourplex? Or is this really 5 units, but just listed otherwise? And if its 5 units is there any way to get around that separate building for me to use the FHA loan in my benefit? Thank you guys for any help possible!