Myth: A Single Family Home is more affordable than a Multifamily Dwelling.

Myth: A Single Family Home is more affordable than a Multifamily Dwelling.

Today's Myth is that a single family home is more affordable than buying a multifamily dwelling. Is that true? Welcome to today's episode of Myth vs. The Truth.

A single family home is less expensive than a multi family home, such as a duplex or triplex. However, if you're just starting out in your real estate venture and you're a little concerned about, say, for instance, the mortgage, then we usually advise you to go-ahead and purchase a multi-family home where you can live on one part and rent out the other part where it will offset your mortgage.

So yes, when you are starting, it's always advisable not to put yourself in hardship. Don't put yourself in a financial situation that you're not able to come up with a mortgage because your income is less or something like that. So it's always advisable that you try something like a duplex or like a triplex. You will probably be able to live for free in one of the units. That is 100% right. If you are buying a triplex with this low-interest rate these days and you live in one unit and rent out the other two, you will live a very peaceful life because you're not going to have  much financial pressure.

So when you're starting out, especially, you'll be glad to know that the FHA gives loans on a duplex or triplex or fourplex. Up to fourplexes you can buy and you can be a landlord and homeowner at the same time. 

I hope this video you found very helpful in helping you decide whether to go with a single family home or a multifamily property. See you next week in another episode of Me Vs The truth.