New to the game!

[Scott Garcia]

I am looking to purchase my first multifamily property. The plan is to live in the unit for a year and then move out and repeat. Any advice for someone who is just starting out? Thank you! 

[Jevon Shaw]

Congrats on making that decision! If done correctly, it can drastically change your financial trajectory. A few common misconceptions:

1) Run the numbers for a house hack assuming you are not living in the property to see if it cashflows 

2) Even if you have to come out of pocket a little bit per month while you live there, it is still probably a good deal. For example, if while living in the property, you have to come out of pocket $700, but your rent for a comparable unit would be $1500, that's $800 saved per month. A solid deal.

3) FHA loans are great but they have some drawbacks. For example, mortgage insurance, and the fact that the property has to be in pretty good condition to use and FHA loan. There is a similar product for conventional loans. Make sure you explore all of your options!