All Forum Posts by: Andres Bustamante

Hello, I currently own a House Hack and am partnering with my brother on his House Hack 50/50. Since I got my House Hack on April 30th I still need to complete the year as a primary resident, therefore I don't qualify again for that particular loan. My brother will be on the loan and we'll each be doing 50/50. 

Emily, I don't really know about Richmond but I did the same as yourself. I recently graduated from The University of Texas at Austin and bought my house hack right after.  

I would say to inform yourself as much as possible through books and podcasts. Read Craig Curelop's House Hacking book. I'd also say to direct message people that are house hacking and get on the phone with them, pick their brain, ask lots of questions. 

Look on FaceBook Market Place and Craigslist, those can give you an idea of similar properties. It'd be up to your discretion to see what is "comparable", good luck! 

@Ajeet Baath

1.) It can vary depending on the Loan Officers, you might be looking at a minimum 0.75% higher. 

2.) Not necessarily, obviously depends on how much you put down. For example on mine I have a 3.5% and put 10% Down so I'm only paying $41 PMI. It all depends on the DP, if you put around 3% then it'll be higher for sure. Also if you put 20% as an Investment you're still looking at higher interest rates, so even with the PMI you might be paying less overall because of the lower interest rates. PMI varies depending on the amount you put down since the Lenders are hedging against a potential default.

3.) Yes, as long as you live in the property for a year right after closing, that's how it's considered a primary residence. 

Ajeet, I'd definitely look into House Hacking. As an Investment property you're looking at putting a minimum 20% Down and you'll have higher interest rates. With House Hacking, as a first time home buyer you can put as low as 3% and take advantage of the low interest rates.

As for the price point you're looking at, in the City of Austin the Median Price point is $429k. Austin Metro is around $326k, I'd say your best bet is Manor or Bastrop. 

Hey Matt, I'd say East of I-35 is a great bet.Plenty of appreciation in those areas these past years. I myself am living in a House Hack I recently purchased in Pioneer Hills. It's a 4/3.5 and I'm cash flowing $300. I'd say the zip codes to focus on are 78744, 78747 and 78754. 

I'll be there, thanks for setting this up!