All Forum Posts by: Andrew Powers

I agree with Chris, maybe better to use those loan options for houses that have been sitting on the market. Or use those loans for new houses that come up, but provide solid terms as long as it makes sense (ie over asking price, no inspection if loan allows, or something else)

Can you house hack this house by renting rooms? You have the house and a low interest rate if you recently refinanced. Seems like the perfect entry to learning about rental properties. If you don't house hack and keep as a rental, make sure the house will "run itself" by confirming the rental income covers PITI and monthly allowances for expenses. See BP calculator for details on that.

Depends on your DTI and price range you are looking at. I suggest talking to multiple lenders about both scenarios. For your exact situation they'd be able to tell you the house price you qualify for

Like you said I calculate based on what the future numbers are when I'm not there. I try to make as much as possible when I house hack, but if it's break even (ie I have no housing expense) I consider that a huge win! Even if you are "losing" some money per month depending where you live,  your housing expenses are still reduced by tenant income. And you also get the other benefits of owning real estate 

Good Luck finding your house hack. Have criteria you want in your house, but don't get stuck on "perfect". Most houses don't hit every criteria. Rank what's most important to you and as long as most criteria are met, then go for it

I suggest looking at metro Detroit (suburbs). The big 3, and other auto start ups are here. And supporting supplier industries.

Housing is inexpensive relative to tech salaries, most inventory under 300k

Welcome Tim! Good luck on finding your house hack. Get good at calculating the numbers (check out BP calculator) and keep learning

Congrats on the house!

Either method can work, my initial thought is that house hacking would reduce/eliminate your house expenses so that's a big chunk of savings that you can put toward flipping. 

No and no. House hacking "requires" (there's no official rule book lol) you to actively live in the property while renting part of it out. The purpose of house hacking is to gain the benefits of reducing / eliminating your housing expenses, along with the other benefits of owning real estate. For live-in flip you buy a property, live in it and fix it up. Then after you can house hack, rent it out, or sell.

I suggest to expand your search by looking for single family houses with mother in law suites or seperate living quarters where roommate contact would be minimal