All Forum Posts by: Charlotte Chew

@Payson Scott Can you house hack to acquire properties AND go to school? You might be able to do both. I've gone the house hacking route while having a W-2. I've appreciated the slower pace of property acquisition so I can learn as I go, get my systems in place, and not get overwhelmed by scaling too fast. Maybe keep applying for scholarships so someone else pays for part of your college and use cash for real estate. Im a college/career teacher in Texas so if I can help you with a plan, feel free to DM me. I think it's awesome you're able to start your real estate journey so early in life. I wish I knew it was an option sooner. Best of luck!

I often get texts from wholesalers on two of my properties. It usually doesn't bother me and once I got a text from a wholesaler that goes to our meet up group-that was amusing.

There was one that was super rude after I told him that he should listen to the BP podcasts and he cussed me out saying "What the F makes you think I want your FN opinion, you [expletive]?" I think that dude really needs to be in another line of work!

Most the time I just take the letters and texts as I bought the right properties because now everyone wants them. :)

Hi Mark, I started life after college as a social worker and struggled doing the paycheck to paycheck thing (I got a 35% pay increase when I went into teaching). I did a lot of side hustles to get down payment for an FHA loan and have house hacked 3 houses since. I wish I knew to do this sooner but am grateful I've at least gotten started on it now. I teach personal finances as part of my course to high school students. I'm in San Antonio so if you or your daughter have any questions or want to know anymore about the strategies I've used, I'm happy to connect and share. I bought all three houses with owner occupied financing then cash out refied (and side hustled) to get the next ones. Best of luck to you and your daughter!

@Jose Grimaldo To start out, I did a cash out refinance on a house I owned, then used owner occupied financing to get the 2nd and 3rd properties. There are 3.5% down FHA loans, 5% owner occupied conventional and down payment assistance programs you can look into. VA might also be possible if you were/are military. I used the 5 % down on my 2nd house because the property didn't qualify for FHA (1954 home with peeling paint and 40 year old furnace!). If you have questions about any of those, let me know and I'll share my experience since I've used each one, except VA. Good luck!

I have a friend who's mom gifted her and her siblings 1.5 acres each of land. Now her mom got a mobile home to put on the lot but they can't connect utilities (SAWS and CPS) since the original plat was voided when the mom divided the land. The city said they can put utilities if it's returned to the original plat but one sibling sold their share so they can't do the original plat. Is there anyone who has experience platting land in Texas and getting utilities on property who can help answer some of our questions? Looking forward to hearing from you.

@Mariah Kohan I have three properties now but started off by buying a turn key townhome with 3.5% FHA. I did three side hustles for 2-3 years to earn the 3.5% then house hacked by having roommates. Several years later, after I learned about REI, I used equity to do a cash out refi and get a 2nd property. On the 2nd property, I used a 5% down owner occupied financing bc the house didnt qualify for FHA financing (1954 house with peeling paint, furnace didnt work and it didnt have a stove). I house hacked that by turning the garage into a master suite and put it on Air BnB. I did a cash out refi on that one and closed on my 3rd property in November, which I purchased using a down payment assistance program. For this property, I paid for option period, inspection, appraisal and got half of my earnest money back at closing. I gave a higher offer price and asked the seller to cover my closing costs. There are ways to get into a house with a small down payment. I'd check with a few different lenders/brokers in your area because different ones may be able to offer different programs. There are also down payment programs in some areas for teachers/first responders or other professions. I've heard of another program called NACA that my friend did, but that required extra paper work so be ready for some "adminiatrative perseverance " on some down payment assistance programs. Im happy to share more if you have questions. Im in Texas so Im not sure all the programs I've heard of are available in your area.

@Daniel Moscoso

Burning Bend is 5 miles from the Medical Center so maybe consider renting it out to traveling nurses/medical personnel. Im in San Antonio and have my place listed on Furnished Finders and Air BnB. I'm doing a talk on STRs for San Antonio on March 5th starting at 530pm at Hops & Hounds, 13838 Jones Maltsberger Rd, San Antonio, TX 78247

Feel free to join us if you'd like info on the short term rental possibility. In the meantime, I'm happy to share what I know. I'm also a real estate agent so if you need any assistance with comps or selling it, please feel free to reach out.

@Randy Ray I'm in Texas and I started my real estate journey by house hacking. I used owner occupied financing (3.5% down on first property, 5% conventional on the 2nd and a down payment assistant program on my 3rd. I got into each house with less than $5k out of pocket, not including rehabs). I had roommates and bought properties where I could use part of the house as a short term rental. I like the suggestions others have of buying a small multifamily. You might be able to use 3.5% down FHA on 2-4 units, so you might want to check with some lenders in your state. If you want details on any of those financing options, I'd be happy to share what I know, then verify with your lender if it'san option in your area.

We plan to have social events the 3rd Friday of the month and educational meetups on the first Fridays. Stay tuned...