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Updated over 4 years ago on . Most recent reply

User Stats

171
Posts
63
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Jason Pabon
  • Investor
  • Oakland, CA
63
Votes |
171
Posts

Buying Multi-Family with FHA

Jason Pabon
  • Investor
  • Oakland, CA
Posted

I know i've read a few blog posts out there but has anyone invested in a Multi-Family home with an FHA loan as there first investments? What was your experience like and do you recommend for someone who's a first time investor..? Thanks!

  • Jason Pabon
  • Most Popular Reply

    User Stats

    529
    Posts
    217
    Votes
    Christian Bors
    • Real Estate Agent
    • Mechanicsburg, PA
    217
    Votes |
    529
    Posts
    Christian Bors
    • Real Estate Agent
    • Mechanicsburg, PA
    Replied

    @Jason Pabon I started my investing career using a FHA loan on a 3 unit building. As others have mentioned, its a great way to start and I would highly recommend it. FHA only has a 3.5% down payment and you can ask for 6% in closing costs. When I made my purchase, 2 of the 3 units covered the cost of the mortgage including escrow. It was a great way to save more money for the next investment, learn the management side of investing, and use minimal capital.

    Similar to @Tyler Turpin experience, my girlfriend at the time was not a huge fan of living with tenants.  Even though our property is in a fantastic area, she would have preferred a single family home.  If it is relevant to your situation, you should consider your spouses feelings.  Overall, my then girlfriend and now fiance saw the benefit of house hacking. It couldn't have been that bad since she said yes!

    Hope this helps.

    Cheers,

    CB

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