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Updated over 1 year ago on . Most recent reply
Closed on my first multi family today. How'd I do?
https://www.biggerpockets.com/...
Its in Mount Olive NJ. 2 family. We are in the 2 bed 1 bath downstairs with a 1/1 upstairs. Will be staying for a year to satisfy the loan requirement. used a portfolio lender so only had to put down 10.5% with no PMI, however had to close a 37K gap from loan and assessment. Came with the tenant already in place. little bit of mostly cosmetic fixing to be done.
What you guys think?
Most Popular Reply
I don't have any experience in house hacking. But from my calculations, sounds like you were able to avoid putting in an additional 28K in downpaymemt by house hacking. That is money that can be saved for your next property a year from now, some money for renovations, or even a full downpayment for something out of state!
Congratulaions on your deal! Wishing you all of the best!