House hacking in Austin

[Adefemi Tee]

Hi all. Looking to gain insight on house hacking in Austin, TX. This is my first foray into real estate and following the information gathering phase , it appears that house hacking is what i'm most interested in starting with at the moment. I do have some flexibility in my job and can work remotely but don't want to be too far from downtown Austin (within a 20-30minute drive).

An ideal scenario would be a multi unit property , I plan to reside in one of the units while renting the other unit/ units out. Looking for at least one of the units to be over 1000 sq ft . I am currently have a price range of less than 550k as a benchmark at the moment and plan to put down 5-10% . I am looking at class B neighborhoods currently in this price range. I would like to hear from individuals currently doing this successfully or more experienced individuals who are able to offer some advice.

Thanks in advance.

[Reid Chauvin]

If you are looking to put 10% down or less on a multi-unit, then an FHA loan is going to be your only option. A lot of buyers who are backed by FHA loans are having a tough time getting their offers accepted, especially in super competitive markets like Austin. This is because of the more stringent appraisal/inspection requirements. Make sure you partner with a solid agent and lender who can help you vet the viability of securing a multi-unit around Austin with an FHA loan, before you spend too much time searching.