All Forum Posts by: Andrew S.

Originally posted by @Faraz Tariq:

@Andrew S. Can't say I am familiar with the list you are referencing on the HUD website. Generally speaking, FHA approval will apply to you as well as the condo building at large.

Regarding the lender (i.e. you), there will be stipulations around your credit score, debt to income (DTI), must be a primary residence, etc. As far as the building goes, there are rules surrounding how many units are owner occupied, how many units are owned by only one individual/principal, insurance and cash reserve minimums, etc.

If your local market is hot for condos, it may make closing on a condo via FHA a bit challenging as they tend to take longer to close vs conventional loans.

 Here is a link to the list that I referred to: https://entp.hud.gov/idapp/htm...

I've been doing some reading about FHA loans. Apparently, there's a list on the HUD website of approved condo buildings. It seems like if the condo building of the condo I like isn't on that list, then I can't buy it with an FHA loan. But if it's not on the list as approved, then I might be able to work with the lender to get it approved. Is that right? Does anyone have any experience with purchasing a condo with an FHA loan and can speak to these things? Thank you!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

This is the first time I'm posting a report. This is a rare property that I have found to work out well for a house hack. Most others just break even or are slightly negative. At the moment, this particular property is Pending. I just wanted to post my practice analysis up for comment. Any feedback is certainly welcome. Thank you.

Originally posted by @Bradley Dosch:

Originally posted by @Andrew S.:

@Bradley Dosch Thanks for the input. One thing that scares me about house hacking is my small monthly income ($950). I'm just worried about not being able to cover whatever mortgage remains if I put down a $100k down payment on a multi-unit. Let alone what would happen if I split that up and put down, let's say $25k, and planned on trying to expand to four multi-units with $25k down each. But if that's what will build the most wealth, I want to consider it. I guess it just boils down to what comes out of the calculators.  

I understand. It certainly seems like more of a risk to house hack when you're already living for free with your parents. If you can tolerate living with your parents, it's not necessary to house hack. I just think taking advantage of house hacking financing is so genius. If you don't want to house hack, buying a standard investment property is also a great move. I would use leverage that $100k as much as you're comfortable with, especially with today's super low rates. I'm happy to discuss more if you have any other questions!

I think I can only tolerate living with my parents for maybe another year or so. In that time I hope I can figure out how to best use my friend's generous gift to create the most long-term benefit while also getting me out of my parents' house. Thank you so much for your thoughts.

@Bradley Dosch Thanks for the input. One thing that scares me about house hacking is my small monthly income ($950). I'm just worried about not being able to cover whatever mortgage remains if I put down a $100k down payment on a multi-unit. Let alone what would happen if I split that up and put down, let's say $25k, and planned on trying to expand to four multi-units with $25k down each. But if that's what will build the most wealth, I want to consider it. I guess it just boils down to what comes out of the calculators. 

Hello. I would like some advice/direction. I am about to be 40 next month. I make around $950/month (net). In a year I will be completely debt free. Though, I don't have any savings. After that time, I have a wealthy friend who is going to give me $100,000 (not a loan) toward my housing situation (I am currently living with my parents). My idea, currently, is to use that to buy a condo free and clear. I have thought about house hacking with a multi-unit, but I'm not sure. Thank you in advance for your thoughts on this.

Thank you, Patricia, for your thoughts. Also - yes, the $100,000 will be a gift.

Hello. I would like some advice/direction. I am about to be 40 next month. I make around $950/month (net). In a year I will be completely debt free. Though, I don't have any savings. After that time, I have a wealthy friend who is going to give me $100,000 toward my housing situation (I am currently living with my parents). My idea, currently, is to use that to buy a condo free and clear. I have thought about house hacking with a multi-unit, but I'm not sure. Thank you in advance for your thoughts on this.

Thank you, Sarah, for the explanation. I appreciate it.

I just finished watching the intro BP millionaire webinar. There was a lot of talk about house hacking. A couple unclear comments were made in the chat. Can someone define for me what house hacking is? Thanks.