House Hacking tips and advice?

[Kyle Jones]

Hey BP,

Quick questions: 

1) If you have house hacked, what was your DP and what process (fha, conventional, OPM, etc) did you use? 

2) What were some unexpected barriers/obstacles you encountered along the way? 

[Abel Curiel]

Originally posted by @Kyle Jones:

Hey BP,

Quick questions: 

1) If you have house hacked, what was your DP and what process (fha, conventional, OPM, etc) did you use? 

2) What were some unexpected barriers/obstacles you encountered along the way? 

Hello Kyle,

I house hacked in 2010 using FHA 5% down payment. It was pretty smooth since I bought directly from the seller.

However, I work with a ton of house-hackers now as a Realtor in New York and I see that most of the barriers come from either financing or title. 

With regards to financing, make sure you're very clear on what your acquisition expenses will be - inspection, attorney fees, down payment, appraisal, closing costs, homeowners insurance. When you get pre-approved for financing and meet with a local real estate agent, you should get a pretty good breakdown of what these costs will be.

Regarding title, you'll want to look out for any liens, judgements, code violations, open permits, etc. against the property. I'm not sure if GA is an attorney state but here in NY, the attorney generally coordinates the title search. My clients are also free to seek their own title company or use a referred company here. I would ask your realtor about how this works in your market

Best of luck to you moving forward!

Abel