The New (Better) House Hack: No Roommates, More Rent
Summary
This article discusses "house hacking" as a strategy for real estate investment, emphasizing its potential for those with modest incomes. It highlights financing options like FHA loans and conventional loans with low down payments, as well as partnership strategies and down payment assistance programs, and how they can be used to offset mortgage costs.
Key Insights
- •FHA loans allow buyers to put as little as 3.5% down on a property, and they can buy a two, three or up to a four unit property. This makes it a great option for those looking to house hack.
- •Conventional loans with low down payment options are available and can potentially avoid PMI private mortgage insurance, but they may have higher interest rates.
Action Items
- ✓Consider exploring financing options like FHA loans (if owner-occupied) or conventional loans with low down payments, and research down payment assistance programs in your area.Effort: mediumImpact: medium
Tools & Resources
- →Down Payment Assistance Programs: Research down payment assistance programs, specifically by googling the name of your city and 'down payment assistance programs' or 'first time home buyer assistance programs'.
Watch Out For
- ⚠Not considering owner-occupied strategies like house hacking or live-in flips when exploring FHA loan options could lead to missed opportunities.
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