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Updated almost 8 years ago,

User Stats

204
Posts
139
Votes
Jens Nielsen
  • Investor
  • Santa Fe, NM
139
Votes |
204
Posts

5 town homes live in one and rent the others?

Jens Nielsen
  • Investor
  • Santa Fe, NM
Posted

I live in a very expensive market, and I'm looking to reduce our current housing expenses by selling our own home and trying some kind of househack. 

There is a portfolio of 5 townhomes (3bed/2.5bath) for sale for $1.5M. (300k each). This is actually a good price per home for our area. They currently rent for $2200/month. If I rent 4 of them and live in one I should just about break even with 20% down and self managing. 

But, I'm wondering about financing. It appears that they are 5 separate tax ids, so I guess I could get 5 loans, or find a portfolio lender to lend me all the money for the purchase.

I guess my questions are:

1. What type of financing can I get if I owner occupy one unit?

2. Does this deal make any sense? I guess I would look at an equity upside, and maybe sell the units individually later. 

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