*(Time sensitive!)* House Hacking for FIRST Investment

[Jennifer Dargento]

Hi all,

I may have just found an opportunity to house-hack a duplex (both units for sale) in the town I live in but I don't have enough capital for a conventional loan downpayment. I'm hoping I can put in an offer ASAP as it's in an area that I believe is appreciating. 

I'm assuming I would need an FHA loan? I've reached out to one local bank already, but should I be reaching out to multiple at the same time?

I'm pretty sure I know the answer to this, but in order to qualify for a 203k loan, the property would need major repair, correct? The property is very old, outdated, and ugly, but both units are listed as being in livable condition. 

About me: Excellent credit, debt-free, self-employed, currently renting. 

All input is appreciated, thank you in advance!! 

[Hamp Lee III]

My only comment is to be careful because of the time sensitivity. It can be an exciting time to purchase your first property, but you want to make sure it’s a good one. Sometimes our excitement causes us to miss details that may cause us to decide otherwise.

Every deal isn’t your deal.

…and it’s okay to pass. Just make sure the numbers work for you and your situation. As a first property, you want something simple to get you started.

I wish you all the best.