🏡 Quadplex House Hack Buyer Timeline Checklist

Thinking about house hacking your way to financial freedom? A quadplex is a powerful way to live in one unit and rent out the rest—maximizing cash flow and minimizing your housing costs. Here's a step-by-step timeline to help you through the process:

✅ 1. Get Pre-Approved for Financing

Start by contacting a lender experienced in multifamily lending (FHA, VA, or Conventional).

• FHA Loans: 3.5% down for 1–4 units if you live in one.

• VA Loans: 0% down for eligible veterans.

• Conventional Loans: Often 5%–25% down, depending on the lender and occupancy.

✅ 2. Hire an Investor-Friendly Real Estate Agent

Choose an agent who knows:

• Multifamily investing

• Local landlord/tenant laws

• How to evaluate rent rolls and property income

They’ll help you find a deal that cash flows and meets your investment goals.

✅ 3. Tour Properties & Make an Offer

Many tenant-occupied properties require submitting an offer before seeing all units. If one unit is vacant, we can typically view that side first.

When making an offer, include:

• 1–2% Earnest Money Deposit (EMD)

• Inspection, financing, and appraisal contingencies

• A 14-day inspection period (recommended for tenant-occupied buildings)

✅ 4. Submit Earnest Money

• Typically 1–2% of the purchase price

• Held in escrow until closing

• Fully refundable if you cancel during due diligence, low appraisal, or loan denial

✅ 5. Schedule Property Inspections

• General Home Inspection ($500–$1,000): More units = higher cost

• Pest/Termite Inspection (~$100): Checks for wood-destroying organisms

• Optional: Roof inspection, HVAC inspection, sewer scope (based on condition)

✅ 6. Review Leases & Rent Roll

Request copies within 3 days of an accepted contract. Review:

• Lease terms & rental amounts

• Deposit amounts

• Tenant payment history (via rental ledger, if available)

✅ 7. Lender Orders Appraisal

• Multifamily appraisal ordered by lender

• Typical cost: $650–$750

• Appraisal must support purchase price for loan approval

✅ 8. Shop for Homeowners Insurance

• Choose coverage that includes landlord protection and loss of rent

• Required before final loan approval

✅ 9. Complete Loan Underwriting

Submit any requested documents:

• Income verification

• Bank statements

• Rent rolls & leases

• Proof of insurance

Lender issues Clear to Close once all conditions are met.

✅ 10. Prepare for Closing

• Rents are prorated—closing between the 10th–15th means you receive credit for the remaining rent of the month

• Security deposits from tenants are transferred to you at closing

🧾 Tenant Occupancy & Post-Close Management

Occupancy Rules

• If all units are occupied, you must move in within 60 days of closing

• Month-to-month tenants can be given a 30-day notice

• Tenants on leases remain until the lease term ends (leases transfer to you)

Management Options

• Self-Manage to gain experience and save on costs

• Hire a Property Manager to handle:

  • Rent collection

  • Maintenance

  • Tenant issues & evictions

  • Communication & lease enforcement

  • Typical fee: 8–10% of monthly rent

💡 Pro Tip: Owning a quadplex while living in one unit is one of the most efficient ways to build long-term wealth while reducing your housing expenses.

Have questions or want help finding a house hack opportunity? Let’s connect and run the numbers together!