How important is buying it right on a first time househack?

[John Michael Cochran]

Hello all,

I'm currently finishing a year lease at my apartment and I have been inspired by BP to find myself a 2-4 unit small multifamily to househack. 

My question is: how worried should I be about buying it right?

My thoughts: I plan to pay $170-200k, minimal repairs. Currently paying $950 for rent. The mortgage wouldn't come close to what I pay for rent, so I figure that regardless of issues I may have woth vacancies I will come out ahead. Yes I plan to run the numbers, but is waiting another month while I look for better deals and throwing more money in the trash on rent really worth buying at a better price? 

First post, really enjoying BP so far and reading real estate. 

John

[Mike Dymski]

Waiting a month or two is not that big of deal for the right property and the delta between a rent payment and the interest portion of the mortgage payment for that amount of time is not that much money relative to the earning potential of getting the right property.  You don't have to hit a home run on your first deal but you also do not have to rush for the reason you mentioned.  Good luck.