Hey Everybody! New To BP! Quick Question About FHA Loans

[Matthew Zelezniak]

I have read a couple books including The House Hacking Strategy and I’m still a little confused as to how you would go from your first house hack to your second after living in the first one for a year. Do you need to refinance? Bank on your current day job income and current cash flow from tenants to prove you can support two loans? Take out a home equity loan?

Any help would be gratefully appreciated, Thank you!

Matthew 

[Griffin Schermer]

You just need to have the conversation with your lender about doing that next deal. If they can't help than you may seek other lenders or sources of financing. In theory, moving out of your house hack you'll have more income coming in from that property than you did when you were living in it. Whether you're filling another room or an entire unit, you should see positive cashflow. If you won't show positive cashflow when you move out you might need to find a partner(s) for your next deal. If you live in an area showing appreciation you may be able to refinance and pull some money out for your next deal, or you could find OPM. Good luck!