All Forum Posts by: Brittany Minocchi

Depends on how much the buyer is putting down, allowable seller concessions are between 3-9% on a conventional loan. 

You mentioned renovations - are you planning on an FHA 203(k) or a "regular" FHA? They are very different.

What is your credit score? What is the property worth and how much equity are you trying to access? 

Nope, that's mortgage fraud. There are loans for owner occupied properties that don't require income/employment docs, but you'll need good credit, a hefty down payment and a good chunk of reserves. 

What’s up @Rachel Hadass!

Ohio is a popular place to invest, and you’ll find a good number of folks on the forums that focus on Columbus specifically. I live about 2.5 hours north and invest closer to home so that I can self-manage. Good luck, happy investing! 

Are you planning to use the income from your house hack to qualify for your next property? If so, you'll need to look at a multifamily, like a duplex. You can count the income from a single family if it's an investment property, but in your case, it would be your primary residence. This is assuming you did a conventional loan next. Even if you were to refinance into a conventional loan and use FHA on your next property, FHA does not allow boarder income (renting by the room) to be used to qualify you unless you are renting to people related to you by blood, which I'm guessing isn't your plan.

Someone who co-signs for you won’t have any ownership interest in the property, but they will have an obligation to pay the mortgage if you fail to do so. 

Shouldn’t be impossible to find financing for depending on your credit, down payment and the purchase price. 

If you wanted to hang onto that rental property, refinancing would (probably) make your rate increase, which is going to decrease your cash flow. You could look into a HELOC/HELOAN on the investment to get around this, since that would be a second position mortgage with no effect to your first mortgage.

As you mentioned, a HELOC on your primary would also be an option, and would be more cost-effective than the rental option, but at the cost of using your home as collateral.

As someone else said - selling that property and using the proceeds to purchase more properties is a great idea as well.