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Updated over 6 years ago on . Most recent reply

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22
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1
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Evan Coburn
  • Medford, OR
1
Votes |
22
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starting with a Single family or Mulit family? advice

Evan Coburn
  • Medford, OR
Posted

i want to end up in multi family homes in the long run, but i have no money down, no money for vacancy,repairs,rehab, etc.. my idea was to start with a single family home(easier) with good equity, live in it. but fix it up a little & house hack to pay my mortgage. then a year or two down the road pull out the equity or even sell and purchase a multi family home that way ill have more money to back me up. how does that sound as a first investment? 

Most Popular Reply

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109
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77
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Greg Miller
  • Investor
  • St. Louis, MO
77
Votes |
109
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Greg Miller
  • Investor
  • St. Louis, MO
Replied

Sounds like a great plan! House hacking is a wonderful first step to build sweat equity. Remember, you can get a FHA loan with only a 3.5% down payment. You just have to live in the place for 12 months.

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