House Hack Multifamily?

[Ermyas Sereke]

Hey bigger pocket community,

I want to house hack a triplex or fourplex here in Philadelphia using FHA or 203k. I don't know in what area or zip code to buy and what are the costs associated with multifamily. Any info can help. Thanks so much!

[Dan Powers]

I'll say right off the bat you're fishing in a very small pond, because who doesn't want a multi in Philly nowadays. The other challenge is using a conventional loan to pick up one. The majority of the multi inventory I come across in the city tends to be 4 walls and some joists, coming with a 6 figure acquisition and a 6 figure rehab cost. If you do come across a unicorn multi that isn't a complete gut most house hackers run into the issue with the standard of living for their investment property and their own house are drastically different.

I would suggest looking out in Delaware county for a multi, much higher inventory 3+ units, and a larger percentage of cleaner multis as well.