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All Forum Posts by: Christopher Morris

Christopher Morris has started 23 posts and replied 68 times.

Quote from @JD Martin:

If you're going to self-manage you should definitely pick market(s) that you are familiar with. I'm not a big personal fan of Easton or really anywhere in ABE, but it's generally held its own even as a decent number of people make that crazy-*** commute into NYC. I think they've really been helped by the full/partial telecommute, as it's not terrible if you had to go into the city once or twice a week, but if everyone goes back to full-on 5 day offices I think there will be some exodus. 

In any case, it's generally more affordable than NJ especially when it comes to property tax so I don't think you're off-base looking in that area. I think Bethlehem and some of the satellite areas are nicer than Easton especially going up 33 as long as you stay spitting distance to 78. Get in your car on weekends and go drive some of the places like Nazareth, Hellertown, even Wind Gap isn't terribly far. I lived in the Poconos for a few years as a kid and my father still lives just off 33 near Wind Gap so I know the area pretty well (and my daughter's up in Bethlehem). 

This is good info… thanks for the reply!
Quote from @Wale Lawal:

@Christopher Morris

To assess a market, consider population growth, job market, economic growth, rent-to-price ratio, cost of living, school districts, and growth benchmarks. A steady annual growth rate, diverse industries, and affordable living attract residents. Factors like real estate trends, property taxes, and competition also play a role. Easton is a promising market due to its proximity, affordability, and steady growth.

Good luck!

Thank you for the reply!

Quote from @Shawn Mcenteer:

Hi @Christopher Morris I'll let you know my wife and I got to Fi via house hacking in New Jersey. Plain and simple the reason we were able to acquire the properties we have over the years is because we leverage low money down loans. We have never purchased a home for more than 10% down. Most of the homes we have purchased are 5% down. The way I see it is most homes will cost you 25% down and renovations out of state will be difficult or very expensive so the ability to force appreciation becomes tough. Most out of states deals end up looking like an IRA, decent returns, safe but meant for very long term to get anywhere. BRRR house hacking using 5% down loan and applying down payment to renovations forcing appreciation is tough to beat and allows you to move quickly in NJ.

Hey Shawn, thanks for the reply. I’d love to keep house hacking but I think this next one has to be the last one to keep the miss’ happy. Otherwise, I agree with your strategy. 

Being this next house hack will likely be my last, this is why I’m trying to think of other creative strategies. 

Hey BP! 
I am working on my future plan for investing. As I currently live in NJ and plan to buy another house hack in the coming months, I want to think further ahead as well. 

I have it stuck in my head that if I want to scale to a reasonable portfolio, it’ll be tough to do that in NJ with how high homes are priced. 

I’m starting to look into other states that have an easier barrier to entry which brings me to PA. I have some friends who grew up in the Lehigh Valley area which draws me there. I like what I’m seeing from Easton PA more specifically - especially it being so close to NJ so I can self manage. 

My question is, what are the data points I should be looking out for? I’ve read population growth and economic growth are good KPI’s to lookout for. What’s a good growth rate for each? Are there other factors I should look into? 

I know the most critical step is to build a team which I am confident I’ll be able to accomplish since I already have some friends that live there.


Any help would be appreciated! 

Post: FHA Streamline Product

Christopher MorrisPosted
  • Posts 68
  • Votes 31
Quote from @Craig Warner:
Quote from @Christopher Morris:

I tried looking into this from a few avenues and haven't come to a conclusion. 

I started my first FHA house hack back in November 2023. Being that my year living here is coming up, I was hoping to refinance into conventional and buy again with the 5% Fannie Mae.

But... I started looking into the FHA streamline product and spoke to my lender about it. Roughly, it seems I could save $350-500 a month in payments with the current interest rates using this FHA streamline. (going from 6.75 to 5.5-5.75)

What I fear is that this forces me to stay in the property again for another 12 months. Is that true? I was hoping to be onto my second house hack in Q1 of 2025. 

Anyone with the expertise that can help me out with this situation?  

Thank you! 

I recently joined BP, and I’m reviewing older questions:

FHA Streamline Refinancing is an excellent option for lowering your monthly payments, especially with the potential rate reduction you're seeing. However, it typically doesn’t have any occupancy requirement post-refinance, meaning you aren't obligated to live in the property for another 12 months just because you did an FHA streamline. The key occupancy requirement for FHA loans is at the time of the original purchase—usually requiring you to live in the home for at least a year.

If you've met the initial FHA loan requirement of living in the property for 12 months (which you would have by November 2024), you're typically free to move out and house-hack again, even if you choose the FHA streamline option
 If your goal is to acquire another property in Q1 2025, refinancing via FHA streamline shouldn’t prevent that. You may also purchase another home using FHA financing as long as you are outside the 100 mile radius rule. 


Thank you for the reply - that’s helpful. And welcome to the forums! 

Post: FHA Streamline Product

Christopher MorrisPosted
  • Posts 68
  • Votes 31
Quote from @Zack Karp:

@Christopher Morris so here's how this works. If you refinance it as your primary residence, then yes, you will be signing a new Mortgage at closing that says you intend to occupy for 12 months, essentially resetting your clock to another 12 months.

But here's the huge kicker. You can do a FHA streamline refi on an investment property, and the rate is the same as a primary. So, wait until you buy another primary residence first using the 5% down Conventional, and THEN do the streamline refi on your existing property as an investment property. Same rules, same guidelines, same rate, just no occupancy requirement.

Working with the right loan officer makes all the difference...

Best of luck!

This is very helpful. Thank you Zack!

Post: FHA Streamline Product

Christopher MorrisPosted
  • Posts 68
  • Votes 31

I tried looking into this from a few avenues and haven't come to a conclusion. 

I started my first FHA house hack back in November 2023. Being that my year living here is coming up, I was hoping to refinance into conventional and buy again with the 5% Fannie Mae.

But... I started looking into the FHA streamline product and spoke to my lender about it. Roughly, it seems I could save $350-500 a month in payments with the current interest rates using this FHA streamline. (going from 6.75 to 5.5-5.75)

What I fear is that this forces me to stay in the property again for another 12 months. Is that true? I was hoping to be onto my second house hack in Q1 of 2025. 

Anyone with the expertise that can help me out with this situation?  

Thank you! 

Post: Next Step in my Portfolio

Christopher MorrisPosted
  • Posts 68
  • Votes 31
Quote from @Jonathan Greene:

Yo Chris. We can talk about this at the meetup on WED, but you are positioned well with what you have so don't rush it. You will likely be able to buy earlier than you think, but I don't think it's a bad strategy to wait until you clear the 20 percent and up. It's hard not to push it when you get close, but patience is the key, especially where we live.

Good advice here. I always hear all the stories of people scaling fast. Sometimes patience is needed. 

Yes, I’ll see you there on Wednesday! 

Post: Next Step in my Portfolio

Christopher MorrisPosted
  • Posts 68
  • Votes 31
Quote from @Jason Wray:

Christopher,

Now that Fannie Mae came out with their New primary home loan program you already qualify to buy another home.  Since your in a Townhome I would suggest start looking for a MFH 2-4 unit to move into and you only need 5% down payment.  The other good news is you ca use the rents of the other units as income to qualify so you can essentially qualify for a higher home price.

That sets up your next investment property as you move out its now a 2-4 unit with multiple doors bringing in more income.  Those extra doors offer a higher passive income and help to buy another home sooner once you file that next years tax returns.  Not to mention MFH 2-4 units appreciate much faster than Townhomes in general.  

Thanks for the advice here. My current house hack is a duplex, not a townhome. 

This is why it might make it more difficult to qualify for another duplex house hack in the same town. 

Post: Next Step in my Portfolio

Christopher MorrisPosted
  • Posts 68
  • Votes 31

Help BP! 

Any advice would be helpful here! I am a current house hacker in the northern NJ area in a multifamily home. I am hoping to house hack again either in the same town or one closer to where I work. 

From a capital standpoint, I am comfortable with another down payment on a house hack on a multifamily. The one issue I think I’ll have on my hands is I prefer to house hack again in the same town (appreciation seems to be great along with rental amounts) but I’ll need to refinance my current house hack into a conventional which I doubt is at 20% equity yet since I don’t think I’ll have a valid excuse to have two owner occupied loans in the same town.

Come November, I’ll be in the house for a full year which makes me eligible to move out. I added a decent amount into the house (new paint, new hot water heater, brand new kitchen, better layout) but I’m not sure if that’s enough for me to appraise for 20% equity. 

My dilemma is I really would like to stay in my current town to house hack but I do have a backup town in case I can’t make it work in my current town. Do you think I should wait until I get 20% equity since I am now familiar with this town? Or dive into the other town and learn from scratch all over again on the rental market? 

Let me know your thoughts BP!