All Forum Posts by: Michael Orr

Hey everyone! I have been in the market for some time to house hack a duplex in my SE Michigan area. Unfortunately they are far and few in between. I found one duplex for sale where each side is being sold by a separate seller. Is there any creative way to not have to make two purchases (two closing costs, two sets of bills each month, two tax statements, etc) ?

Thanks Christopher! I appreciate the reply! I guess I could always buy a SFR, house hack while there, and since it's in a good area benefit from the appreciation aspect of it--all while continuing to look for a MFR. Any other thoughts?

Hi all! I've posted about this before but am looking for some in-depth comparison to help me choose my strategy. I'm new to REI and am very eager to get started in the metro Detroit area. Initially I wanted to purchase a duplex or triplex and live in one unit while renting out the other units.....this however is looking grim because there aren't many duplexes on the market in the Royal Oak/Ferndale areas and the ones that are for sale don't seem like there would be positive cash flow by my math. My other option is to buy a SFR and rent out a room (already have a renter in line) and then save up to buy another house while living in that and then fully rent it out. Are there advantages (other than taxes) to house hacking a multi family residence over a SFR? If so, what are they? There are many more SFRs for sale and resale value down the line would benefit a SFR to a duplex or triplex. I'm meeting with a realtor today to discuss. Hopefully I find some insight. Any insight is helpful! Thank you.

I am looking to be a first-time home owner and investor this summer in metro Detroit. I would love to house hack using an FHA loan for my first property but multi-family homes in the suburban areas are limited. I am now looking into hold and sell with a SFR. How do I valuate what the expenses are before purchasing the home? Obviously I could speak with the current owner but what if it is a foreclosure? Does the bank have that information?

Thanks!

Thanks for the reply Alvin! What do you mean by shared tenants? Renting to more than one person?

Hi all! Love this site and all the great info that comes with it. Anyways, I am a beginner in real-estate investing and am looking to purchase my first property this summer in the metro Detroit area. Ideally, I would like to house-hack in a duplex since I already have a taker to rent the other side. I have done much research with a real estate agent and there is simply not much out there that is within my price range (up to 150k). I would like to use an HFA loan for my first property so I can save up for the down payment on a second property. My wonder is what is the best way to invest in a single family home?

Since there are limited multi-family housing options for sale, is it worthwhile to buy a single family home and rent out a room while living in it? I figure this would be a hold and sell property since I would most likely live in it for a few years and meanwhile purchase another home to rent out. I understand without numbers it is difficult for others to give their descriptive input but what suggestions does anyone have for a beginner looking to get into real estate if house hacking is not available?

Thanks!