BingBong022 t1_j5von7s wrote on January 25, 2023 at 9:56 PM

Reply to comment by mommy2boy in WHY ARE HOUSES SO EXPENSIVE by mommy2boy

You can't always have what you want. It's about what is possible given your financial circumstances and what makes feasible financial sense. Your mom is right, buying a 3 family home and renting out two floors would result in you living essentially mortgage free or close to it

Mountain_Bill5743 t1_j5vvg2p wrote on January 25, 2023 at 10:39 PM

If OP doesn't have the cash flow for a SFH, then they're unlikely to be able to afford the going rate for a multi-family. Rental income will only help with cash flow later on after initial investment/income assessment.

ProvBroker t1_j5ysju7 wrote on January 26, 2023 at 2:41 PM

Lenders will allow some income of an occupied multi-family to count towards the mortgage applicants income for the purposes of preapproval and determining spending ceiling. So often times borrowers are approved for a much higher value on a multi-family home. So sometimes it can work out to be more affordable on a monthly basis.

BingBong022 t1_j5w2swe wrote on January 25, 2023 at 11:32 PM

OP wants a Ferrari when they got Honda Civic money