All Forum Posts by: Alex Kouvatsos

Hey guys, I'm new to the RE world and looking to invest in a duplex in my area. I'm planning on using an FHA loan and need to occupy one of the units for 1 year. Is it legal for me to rent out one of the bedrooms to help pay the mortgage until I move out next year?

Hey everyone, I'm new to the RE world and am looking at a few properties in my area after a lot of research. What's the best way to:

1. Screen potential tenants

2. Writing up a lease

3. Collect payment. 

Totally newbie question, done a lot of research on actually investing but wanted to get some insight on this process. (I've heard of services online that deduct from the tenant's bank account for example.)

Looks like the duplex is the clear choice. I would be house hacking with an FHA loan and need to stay there for a year.. Could I legally rent out one of the bedrooms for the unit I'm staying in to help me break even on the mortgage? Once I move out it will cash flow very nicely, but I'll have to stick it out for a year.

Thanks for the reply Samantha! I would think a 4plex would almost always be better too but looking at the numbers, and the area, the duplex actually seems like a better investment. 

If I purchase with an FHA loan and occupy the 2 br unit for a year, would I be able to rent one of the bedrooms out and collect rent from a roommate?

Hi, I'm a new investor in NY, looking to house hack my first deal. I'm looking at a 4plex in upstate NY asking $299,000, rents are 3600 a month (90 minutes outside of NYC).

There's also a duplex that's way closer to the city, the rents are hotter and commute to NYC is only 30 minutes. 1 3br and 1 2br apts. asking $250,000. Rents will bring in about 3600 as well.

Which is a better first deal? I need to occupy one of the units for a year because I am purchasing with an FHA loan, so the duplex will actually cost me money the first year.. but I will be cashflowing more after year 1 than the fourplex and the rents will be to families who will most likely stay longer. I can live for free for a year with the fourplex right away and then cashflow a little less when I move out, but the apartments are very tiny, I can imagine there will be a lot more turn over in finding new tenants..

Any advice or insight would be great!

Hey Matt, thanks for the insight! Definitely need an Estoppel agreement. All good points. Hope I can get approved and make this happen..

Hi everyone, I'm new to BP and looking to house hack a 4plex in NY. Asking price is $299,000. There are currently existing leases and gross income is $43,200. I'm looking to owner occupy one of the units and purchase with an FHA loan. How can I make sure I qualify? I only make $35K at my job, but I have a side business where I made an additional $25K (Don't have a tax return I can show yet this year) and have a little over $20K saved up in the bank, no debt. 740 credit score. If I do 3.5% down I will only need $12K plus any additional costs. I'm afraid I'm only gonna prequalify for about half of what I would need for this deal if I'm lucky because they will only see I make $35K a year..

1. Would having a co-signer help me qualify? 

2. Would a lender be able to count any of the existing leases as income to help me qualify? 

Any advice would be great! Even if I can't make the numbers work with this deal I just want to be prepared and be pre-qualified before I waste a realtor or seller's time.