All Forum Posts by: Shera Ewing

You aren't going to find an off-market, turnkey property when you are working with an agent and using an FHA loan. Off-market properties, in general, are for cash buyers. To buy a turnkey off-market multifamily right now, you would have to pay way over market value. The only chance would be finding a lazy owner who wants to get rid of one, but that means it will not be turnkey due to that same laziness. A turnkey multi you sell on the market and get paid by the droves of house hackers that you keep losing out to. Just stay the course and keep looking and know that to win with an FHA, you need a fixed-up option and you need to pay up so if your price point is 300 say, look at 250.

@Shera Ewing welcome to Bigger Pockets. I strongly suggest using a company that you can trust and that has experience in the markets you're interested in. This platform is great for connecting with people in the real estate industry that have seen it all and have decades of experience. 

@Shera Ewing If you are ok having roommates a single family house hack where you rent the rooms can also work really well!

Welcome @Shera Ewing!

I agree with @Conner Olsen 

I am currently house hacking by renting out one room in my house. I think sometimes we want to jump right into it, when what we should focus on is building the foundation. 

Reading as many articles as I can, listening to the podcasts in the car and getting involved in these forums has helped to take away the nerves. Start small and then build your way up!

You got this!!

@Shera Ewing no, FHA insured loans are for owner-occupants only. If you plan to house hack a small multifamily (2-4 units), then utilizing an FHA-insured loan is highly recommended and is constantly discussed here on BP. If you're solely looking for a non-owner occupant investment, then more likely than not you'll have to go conventional. Start consulting with lenders now to get pre-approved and to determine how much you will qualify for. Hope this helps!

@Shera Ewing If you're looking to househack, I'd recommend starting with a 3-4 family (if possible since some areas don't have a large stock of these) with parking in a good location. Usually when you house hack a 3-4 family, you can live for free or close to free. Also with parking, you reduce the vacancy on a multi which tends to be one of your largest expenses. I'm house hacking right now so always feel free to DM me with questions.