FHA loan house hacking is a great way to live in any city of your choice for free. House hacking can be a great way to purchase your first duplex, triplex, or fourplex multifamily property and put down as low as 3.5%. Using an FHA loan does come with its pros and cons but in my opinion, the pros definitely outweigh the cons. The two examples will be like house hacking 101 examples. I really want you to have a solid understanding of the process

In the first example, I used an FHA LOAN where I was required to put down 3.5% on a $300,000 multi family Triplex. It created a down payment of $10,500 and a loan amount of $289,000. If you're going to use multi family house hacking as a strategy you'll still have property taxes, Insurance, and repairs. So when you add all those things up your total expenses would equal $2,086. I would be able to rent out the other two units for $1,000/each so so when you subtract the rents from the expenses you'll see that I would come out of pocket $86 to live in the 3 units. I also would factor in that the mortgage amount would be split and a portion would go toward the principal and a portion would go towards the equity. The amount that would go toward the equity would be $265/mo and if you subtract what I would be paying every month from the equity amount you'll see that I'm really walking away with a profit of $177/mo to live in this property.

In the second example, I used the same numbers but we used an FHA 203K Construction Loan which allows you to add the renovation cost of the property into the loan. The renovation amount was $35,000 and it increase the mortgage and total loan cost. But since the property was purchased at a deep discount of 300,000 once it was fixed up it created an equity amount of over $100,000+ dollars because the property was worth $450,000. That also increases the amount that I could receive in rent to $1200/mo each so when all the calculations were made I would walk away with $429/mo to live in the city of my choice.

Schedule A One on One Call with Me at The Links Below
➡️1 Hour Meeting
https://shor.by/1HourMeeting
➡️30 Minute Meeting
https://shor.by/30MinuteMeeting

➡️ JV With Me: shor.by/gMhW

📸 My Entire Camera and Recording Equipment and 📚Suggested Reading:
https://www.amazon.com/shop/davidgamble

🏠Real Estate Investing Tools I Use:
⚡️Propstream: https://trial.propstreampro.com/davidgamble/
⚡️REI Sift: http://www.reisift.io/?fp_ref=davidgamble
⚡️REI Reply: https://davidgamble.krtra.com/t/pEVglmJodWXc
⚡️Calltools: https://calltools.com/partner/ch/davidgamble/
⚡️Batch Skip Tracing: https://www.batchskiptracing.com?fpr=david-gamble29

Favorite Travel Credit Cards:
⚡️Chase Credit Cards
⚡️Marriott Bonvoy Boundless Credit Card- ⚡️https://www.referyourchasecard.com/252f/AML3DGGZFB
⚡️Freedom Flex Credit Card- https://www.referyourchasecard.com/18a/MMBEYBWZ3U
⚡️Sapphire Preferred Card- https://www.referyourchasecard.com/6d/3E1ULUW45L

*Some of the links and other products that appear in this video are from companies for which David Gamble will earn an affiliate commission or referral bonus. David Gamble is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/