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All Forum Posts by: Brandon Hancock

Brandon Hancock has started 1 posts and replied 1 times.

Multi-Family and Apartment Investing

Post: House Hack an owner finance deal

Brandon HancockPosted
  • Carrollton, TX
  • Posts 1
  • Votes 1

Hi all, I've been thinking a lot on how to get started investing with no money. I've thought about house-hacking, but there's no way i'd qualify for a mortgage (i only make about $20k/year). I've thought about owner financing as well....but i was wondering if there was a way to do both...if it's even legal? let me explain:

1. find a multi-family property

2. negociate with owner for an rent-to-own deal (pay enough to cover mortgage & taxes)

3. Move in to one unit

4. rent out the other units to cover all expenses

5. once my lease is up (1-2 years), use the money i'm making off the other tenants as income as to qualify to buy and ask the bank for a mortgage

1 Vote