First time home buyer

[Travis Skeans]

Hello, 

I initially was looking for a duplex home to house hack. Now with interest rates going up my price range has dropped a lot.  II through an offer at a house in irons mi for 129,900 and they accepted the offer. My vision at first was living there and airbnb it for awhile.  I am getting a feeling this would be a mistake trying to rely on airbnb to possibly supplement my mortgage with how the economy looks. If anyone care it's 

10437 N Parkway St, Irons, MI 49644

But I am not specfically seeking advise on the property itself but on the the investment strategy and feeling I am going to regret 

[Tyler Triplett]

Quote from @Michael Sassone:

Quote from @Travis Skeans:

I guess you're probably right. I just got discouraged on offering on 10 duplexs and getting outbid in them all. The reason the interest rates matter is because I don't make a ton of money. Now my buying power is low. So I had this thought I'd buy a small single family and airbnb on the weekends. But I know I shouldn't let emotions get me. I just really want to move out of the house im in.

Have you thought about trying to get an FHA loan and house hack a quadplex (i throw quadplex out there speaking in generalizations, it doesn't have to be a quad)? FHA only requires 3.5% down and you have to live in one of the units for one year as your primary residence. I think this may be a better alternative for you and what you're trying to do.

Even though interest rates are up maybe a lesser downpayment and having 3 extra units to rent will tip the scales in your favor? I could help you work the numbers if you'd like and maybe help you figure out a plan/strategy....Feel free to message me! My advice/help is free

 I agree, with this because you can have less money down and it's a temporary stay, until you find a location you want to live in after that first year. In my market area I have duplexes that are brand new and people are doing the same, but to me finding a quadplex and doing the same hack can offer a long term reward. Also depending on the property after that year if you made changes to it or raise the rent it could put money back into your pocket by doing a refi later. Just depending on the property, but overall if the numbers add up in your favor it's worth it.