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Updated 5 months ago, 07/07/2024
Florida Four Plex House Hacking
Looking for some advice on purchasing a four plex.
Currently in the process of selling our property in missouri and looking to purchase a 4 plex in Florida.
We found one for the price of 1.9 million. And really want to know if it would be feasible to purchase the property given some circumstances.
We want to use a FHA loan to purchase the property. We meet the standard qualifications for the FHA loan. However the monthly mortgage is potentially 12K a month. I work full time but don't make that much per month. We would use the additional units to bring in the funds to pay the mortgage plus expenses. Plus we will have Capitol from selling our house that would be enough to cover a down payment and 6 months of payments.
My question is, typically do banks lend on primary/investment properties with such a high price?
I understand there are alot of circumstances and it would come down to the bank. But looking for some feedback from anyone who has done a simialr deal.