House Hacking a Four Plex in your current region

[Jess Hammersley]

Hi, My wife and I are new to this and have seen a four plex that needs some work pop up in our local market. We already own a house but looking to see the implications of house hacking with this? or is this not even possible with he ownership of one property in the area?

[Jonathan Taylor Smith]

@Jess Hammersley - as long as you've lived in your current owned home for a year, nothing should prevent you from purchasing a 4-plex as your new primary residence, and renting out your current home along with the other 3 units. And you should be able to count a percentage (likely 75%) of the projected rental income for those units to qualify for the new 4-plex purchase. And the lender may require at least 1 (if not all) of the 4-plex units to be in livable condition at the time of purchase if using an FHA loan.