Duplex analysis - owner occupied
Hi all! Happy Sunday!
I am in the process of analyzing and already visiting multi families with my real estate agent (who happens to be a very good friend I've known for a while) so that I can buy my first property, which I want to house hack. Anyway, I am a little confused on the following:
When analyzing a property using the rental property calculator, I understand if the numbers make or don't make sense when I analyze it as if I was going to rent both sides of it. But when I analyze it as if I was going to rent only one side and living on the other side, well, obviously the numbers don't look as good. So my question is: is it a good deal if I get at least big part of the mortgage and PMI, or hopefully that amount in full (my husband and I are buying it with FHA which we are already approved for) from the rent that the tenant will be paying? Meaning, we will be paying from our pockets the home insurance, all the utilities, saving for cap ex, maintenance, etc and we won't be cash flowing, but at least we will be getting the mortgage and PMI from the tenant (or at least a big chunk of it). Is that a good deal? What should I be looking at when analyzing, numbers wise, an owner occupant multi family in order to make sure I am buying a good deal? Makes sense?
Sorry for the long post. This is our first property and we really want to do it right. Of course a little nervous, but super excited... and trying to learn!
Thank you all! Look forward to hearing your comments, teaching lessons and suggestions!
Karla