House hacking Finance Question

[Devon Remington]

Alright guys so ill give a little bit of background, im 20 years old bought my first house 8 months ago and i started house hacking its a 4 bd 2 bath single family house and a couple months ago i decided i was in a position to acquire another property so i called up my loan officer and we were running numbers and he said that because its a single family home the banks will only count 1 lease agreement not all 3 which pretty much makes it impossible for me to approve for another property. My question for all you investors out there who are house hacking or renting in general how is it you are securing loans for additional properties, is there a way to get them to count all the income? ive talked to 2 different local loan officers and got the same answer.

[Nicole Heasley Beitenman]

Originally posted by @Devon Remington:

Originally posted by @Nathan Gesner:

Instead of saying you can't, figure out how you can. Are you able to move to another area? Can you spend your weekends driving to more affordable towns? Can you partner with someone else? Beat the pavement and find off-market deals?

There are a lot of options for someone that wants to put the effort in.

I never said i couldn't, Ive been trying to figure it out, thats why im here. i think you've gotten side tracked from what my original question/issue was, Finding the deals isn't the issue, and affordability isn't even the issue. I can afford another house IF the banks would count all 3 of my leases. with the area i live in renting by the room is where the moneys at.  a house that would rent for $1800-2000 as a whole would rent for $3600+ rented by the room. i don't have a deal finding issue i have a finance issue.

He gave you solutions to solve your financing issues. If you cannot get the banks to cooperate and you cannot move on without the bank's help, then you need to look at the other avenues Nathan suggested. He is not one to disregard on this site. Your only other option is to continue consulting other banks until one of them gives you a yes. I hacked a SFH with multiple leases and did not have this issue. It may have been because I was past the 2 year mark when I tried to get financing on another property.