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Updated about 6 years ago,
selling my SFR to do my 1st multfamily house hack. have questions
Hey guys im selling my rental to purchase my first multifamily. I will be living in one of the units for a year as i will be using an FHA loan and i have a couple questions. Any help is greatly appreciated.!
1. My SFR was bought with an FHA loan. If i lived in it 1 year and rented it out the 2nd year do i still have to pay taxes on it when i sell it?
2. I would like to buy a 4 plex but since this is my first multi family should i purchase something smaller like a duplex?
3. What numbers should i factor in when coming up with my offer? (ie. % for potential repairs, % for property management, 1 % of purchase price for rents, desired cashflow?)
I'm really green to this whole house hack process but i dont want to let fear keep me from diving in. Whatever you think i need to know before making the move is what i want to hear. Thank you!