Buying after househack

[Bill E.]

Those of you that have house hacked a 2-4 unit for your first property, I'm curious as to what your second property was and how you acquired it? Also how long did it take to get the second property?

[John Alosio]

What is the intent of this second property? Strictly investment or another house hack?

For me, my first FHA-duplex-house-hack was a live-in-rehab. After many nights and weekends of sweat equity, I refinanced into a conventional loan 1.5 years after purchase. The house appraised with whopping 30% equity! (started with 3.5% down payment).

Then i began my search to repeat the process.

When my second FHA -duplex-house-hack was under contract, the underwriter put me through the wringer. I had to jump through hoops to prove that I had every intent to occupy this new property. Also had to fight with them over my Debt-to-income. They refused to accept my original duplex as positive cash flowing because the rental income was only enough to cover the mortgage payments. I could only prove income from one of the units since I was living in the other, they wouldn't accept the future promise of additional income once I moved out.

BUT eventually I prevailed, currently I'm in the process of stabilizing the new property.

Hope this helps

Cheers

 @Bill E. @Emilio Urias @Mary Ann