Hacking Housing Hacking

[Martin Sterling]

Greetings,

There's a 3 family in I was thinking about purchasing as a rental. I wanted to get FHA financing.

Purchase Price: $120k

Taxes: $7,240

Market Value: 220k-250k

With Mortgage insurance my payment I think will be around $1,300/mo

Each unit should rent for about $1000/mo.

The thing is... I don't want to live there.

I just want it as an investment. If need be, I could leave one of the units vacant, get mail there to prove as my address, and receive mail there and still probably cashflow, but that's not ideal. 

Ideally, I'd renting to Section 8 if that makes a difference.

What do you think?

Thank you in advance

[Kyle Spinale]

@Jake Thompson is right. If you must get the property then your best bet is to live there for your year then move out. The risk is not worth the reward so if you don't want to live there try different financing.