All Forum Posts by: Adam Paikin

That is good advice. I actually spoke to a lender already and this one is zoned as a multi unit. You are absolutely correct that there are few and far between out there!

Hi Russell,

Thanks for the reply. The limit on a 2 unit is actually 814,500. I found the info here: https://entp.hud.gov/idapp/html/hicost1.cfm

Hi Everyone,

I'm a new member to BP and have been trying to soak up as much knowledge as possible. From everything I've listened to and read it sounds like house hacking is a great way to get started investing in real estate. I am currently renting and looking for my first deal.

There is a multi-family on the market for 875k that is a 2 BR unit upstairs with a 1BR unit in the basement. Based on comps the basement should rent for 2,200/month. 

If we use an FHA loan and put down about 65k, we should be able to get our payments under 5k/month for both units after MIP and PITI. When we move out of the upstairs, we should be able to rent that unit for 3,200+ depending on how long we stay for.

The area this property is in is already well establish and probably not likely to appreciate much greater than 3.5% yearly.

There are very few multi-family homes in this market for under 1M as a reference point. I'm looking for advice and guidance as to whether making an offer here makes sense.

Thank you all in advance,

Adam