All Forum Posts by: John Michael

Hi, I'm new to the site and been reading up on FHA loans as a good opportunity for a first-time house hack. I currently live at home with my parents in a multifamily in which they rent the apartment to one of my siblings. They may be looking to sell our house after I move out trying to find my own primary residence. To help each other, I was wondering if you can purchase a multifamily from your parents as your first rental investment property using the FHA loan at 3.5% and have them pay you rent as part of the property. This way they could get rid of their mortgage - downsize to something smaller and I could easily fulfill the 1 year occupancy requirement and get the 2 years experience as a landlord without having to immediately uproot our family. Then 2 years in we could move out where my parents get their own place and so do I, with keeping our house as a rental property. Does this sound like something feasible or allowable under the current requirements?

Hi, I'm new to the site and would like some clarity on using an FHA loan for a multifamily house hack in my local area. I've read a little into FHA loans (3.5% down) and FHA 203(k) rehab loans. I understand they can be a great way to get into a first time buying opportunity, renting out the 2nd unit. I understand that both loans require 1-year occupancy and that you need 2 years landlord experience before you can deem the rental income as income when trying to obtain a second loan (either for another house hack or primary residence). That's why you can meet the 1-year occupancy and 1 of the 2-years required for landlord experience in this multifamily rental opportunity. My confusion lies in the occupancy requirements. I'm currently engaged and wanted to know how this requirement works if I were to obtain this type of loan for a rental with my fiancé and sister or just me and my fiancé. I think the latter is an easy on, we would obviously live together in say the apartment of a two-family. How would occupancy work if I were to buy a property with a sibling or even a friend, with me and my fiancé on the loan too? Could they (sibling or friend) just be the one who occupies the apartment for 1-year?