All Forum Posts by: Alec Fenner

@Joe Villeneuve

I see it as since I’m single and young with not a lot holding me to any certain location I’m not giving up very much ( in my situation) in order to receive the low down payments and interest rates, but I understand that 1 property a year is not going to allow me to scale up so I’m just seeing if there is a way to bump it up a little.

So I plan to house hack as many properties as possible in the shortest amount of time, but to get owner occupied financing you must live in the property for 1 year. My question, are their shortcuts or loopholes to this?

Like how it will take my 30 day to close on a house, and I have 60 day to move in after closing, can I begin closing on my 2nd property 9 months into the current house hack or will the lenders not approve me for another owner occupied loan until after the 1 year is up.

Any other advice would also be great appreciated, thank you!

@Jonathan Bombaci

If they don’t have 2 years of landlord experience can they still qualify the potential rental income?

@John Wright

Yes multi families is what I'm looking for, but unfortunately because I am National Guard I have to wait till the end of my contract in 2023 to use the VA loan!

@Matt Vezina

Yes I am looking for multi family, I’ve never heard of that before but now I looked it up and it seems like possibly the best option!

@Valery M.

Thank you for you advice! My question is why don't you use the special financing options like the FHA loan, is it because of the mortgage insurance?!

Hello BP community, I am 20 years old and starting a fresh chapter in my life beginning with real estate. I will be submitting an offer to my first property this week and through running all my numbers I believe that house hacking is and unbeatable strategy in real estate for those like me who are single and not a lot holding me to one place.

My question are what would be your suggestions to constantly house hacking, particularly in financing but all advice would be greatly appreciated! My current loan will be a FHA loan, which I realize I can only have one current FHA loan, so then what?! In 2023 I will be eligible for a VA loan, can I have a FHA loan and a VA loan at the same time or will I have to refinance one to conventional financing. How about the other owner occupancy financing like USDA.

Thank you very much for your time and I am always looking to connect with others in this community especially those in the Cincinnati Ohio area!

Hello BP community thank you for taking the time to read my post and any feedback would be greatly appreciated.

I and 20 years old and have been able to save 100% of my income from my W-2 job by living with my parents and working on the side. I now am finally ready to begin in real estate by house hacking hopefully a 4 unit with a FHA loan that I am pre-approved for 205,000. I hope to be able to find this property in or around Cincinnati because I am going to school there this upcoming semester. My problem is I don't know where I can invest with this amount that the property will pass quality inspection for the FHA and be able to fill it with reasonably decent tenants. Any advice would be greatly appreciated and I would love to connect with anyone familiar with the area!

@Matt Nusbaum

All these books people suggest are mainly inspiring but what if you are looking for more of a plan or details then inspiration?

 I agree that your probably right about it not being extremely complicated and if I make the proper connection I can hopefully be successful without it.

Thank you for your time!