How many months should I plan to pay for the full mortgage?

[Matthew Powers]

Hi everyone! I am currently 22 years old and I am planning on using my FHA loan to buy a multifamily home within the next few years. I am curious to know how much money, BESIDES the downpayment, I will need. My main questions would be, how long until I would find a renter/s? How many months should I plan to pay for the full mortgage before I start receiving rent money? Lets assume I will not have to make any major repairs before renting. Thanks for the help!

[Scott E.]

Sounds like you're looking to house hack. If so, you really shouldn't be buying the property unless you can afford the mortgage payment all on your own. Renting out those other units affords you the luxury of living for free, but it shouldn't be mandatory to make ends meet.

On top of your down payment, you should have at least $5-$15k in an emergency fund set aside. If you're buying an older home, you should have more in your emergency fund because there is more likely to go wrong.