All Forum Posts by: Jesse Semeyn

Hi-

We may be in the market for a duplex or triplex in the next year to house hack. I exploring the option of an FHA or 203(k) loan to keep some of our cash for a future downpayment on a single family home.

I'm wondering if there are people out there who have done this. If so, any tips on how to get a good investment (roi and cash flow) even with a montly PMI?

Thanks,
Jesse

Hi-

My family has an interesting situation. I am just learning more about real estate so I figured I'd crowd source all of the knowledge here to see what you guys would do. 

Our current house is under contract (full asking price in 2 days!). My mother in law owns and lives in a 4-plex. We are going to live in one of her units for a while and pay her a small rent so she's not losing money. We are moving with her for a couple of reasons. It wil save us on daycare costs and my MIL has rheumatoid arthritis. Her ability to move around and manage her property is getting worse and worse. 

Our current plan is use the profit from the sale of our house to pay down some debt and use the next year to save for a down payment. In about a year we want to buy a duplex/triplex where we can live and move our MIL in with us. This needs to be done in a year so that our daughter can be in the school district we want. We'd want our MIL with us so that we could help out as her health will begin to decline. We'd like to take over the management of her original building in exchange for living rent free with us. 

Eventually we could move out of the duplex/triplex if her condition gets worse and she needs assisted living and rent out both units.

The building my MIL is in right now will cash flow nicely when she moves out (about $900/mo). The mortgage will be paid off in 2023. 

How would you handle this situation? What am I not considering?

Thanks.

Hi-

My family is downsizing to try to reduce some of our student loan and credit card debt. We are in the process of selling g our house and would like to see what our options are for an owner occupied duplex or triplex in the Brookfield, La Grange area. Does anyone have a referal for real estate agents who have experience with these types of properties in this area?

Thanks.

I want to do this as well. I'm currently in a FHA loan for our SFH but would like to do an owner occupied multifamily soon. I think I can get out of our current FHA loan because of a growing family since we bought. We are also getting close to paying off 20% of the principle thus being able to refi out.

I'm really new to thinking about real estate as an investment. I'm thinking I could use the equity built in a multifamily to help find college for the kids one day, but can't see us "house hacking" for too long. How do you plan on paying for your next purchase?

Hi-

Brand new to BP so please excuse my ignorance as I am in the beginning stages of my research.

My wife and I purchased a single family home 5.5 years ago. Since moving here, we had a baby. Between student loans and daycare, we are not putting enough away for retirement and potential college tuition down the road. We are looking to move closer to my parents to ease our daycare expenses. I thought this may be an opportunity to house hack a multi-family home for a while to begin building investments that we could tap into later.

We paid 305,000 for our house. We paid 3.5% down using an FHA loan at this time and still have 277,000 of principle left (so we are still paying the PMI). We'd like to eventually end up in a single family home.

What options do we have? What would you do?

Thanks,
Jesse