All Forum Posts by: Bradley Dosch

Instead of writing another post, I'll just echo what Michael Haas said above! Good luck Connor

Hey Danielle, probably good to watch out for big things like roof, foundation, furnace, etc. It sounds like you have good criteria with not wanting to do too much renovation so I'd just stick with that. The inspection should give you more insight into all of this.

Super cool what you are doing! Go get em and keep us posted on how it goes. 

Hey Emily, you'd get a loan just like you'd get any other mortgage. I hear your point about the HCOL in the Bay Area and that is certainly a struggle for many people. The way I understand it, if you are buying 2-4 unit with FHA you can and need to use the rents from the other units to offset the DTI. It can be tough to find these deals tho and single family is where many house hackers go. It's tough to use boarder income but recently mortgage guidelines have allowed the borrower to use rents from a ADU to offset the payment. Check with a loan officer on this but this could be a good option. Another viable option is to get a cosignor you can boost the income and purchase price.

Hey Conor, great question. I have found that just sharing your journey to start is awesome. Show your face and be authentic and you'll attract others. As you go through learning experiences, share them with others so they can learn with you. As far as meeting new people, local meetups are a great option!

So cool! They will have no problem finding tenants in the U District. Hopefully they can provide good housing to students

Hey Keeks, which property do you want to put into a LLC? If it is your first two that you don't live in, I can see the value of that. If you're referring to your upcoming house hack, that probably won't work out. The financing will be way different and less advantageous than your personal name

Hey Andy, I think your plan makes lots of sense. Honestly breaking for free or cash flowing is tough and not always the focus with house hacking. You are using a low down payment loan to significantly reduce your living expenses, own an appreciating asset with tax benefits, and paying down your loan. This is a fantastic move to make in your early 20s. I know it's tough with the high interest rates but you can always refinance. I could go on but your plan sounds great to me - go get it

Hey Keeks, great question. All three options are super viable and it's hard to go wrong. I agree with your friend, Ryan, that doing 3-10% down on a conventional loan is typically more advantageous. People really get tied up in PMI but it's not a huge deal in my experience. As for which option in particular, it depends on your goals. If you want to do multifamily then your option 1 FHA makes lots of sense. If you want to be more like your first house hack with a SFH, then 3-5% down conventional is usually a better choice than FHA. The choice between SFH and MFH depends on your specific goals/preferences as well as your market. I think opening a HELOC on your primary residence is a super smart move. It'll be much more difficult to get a HELOC once you move out so having the access to cash is nice. You mentioned this is for your first house so it may already be a rental in which case it'll be more difficult. The beauty of house hacking is you can use such a low down payment loan to invest in real estate! Sounds like these options allow you to do that!

Hey Gilda, great post and awesome to hear you're taking these important and exciting steps! As others have said community is huge! Go to meetups and connect with people in person and online. Connecting with rockstar talent in your area (agent, lender, etc) will help you stay excited and motivated to take the "scary" next steps. Hope this helps and good luck!

Hey Nick, good post. Like you said it can be difficult to make a BRRRR work these days. I think that with house hacking, doing a BRRRR is almost not necessary. You are already putting such little money down that you don't really need to pull any equity out. Of course you are talking about doing a rehab which adds significant more money into the deal. While this a great approach if you can find something that works for you, I think just getting into something is more important. Consider focusing on the main objective of house hacking which is to get other people to pay for your living expenses. It's not as sexy, but a turn key house hack is a pretty great move imho