All Forum Posts by: Clayton Hepler

I am looking to move to Eagle County, Colorado next year and I would like to house hack. I want to get the largest loan possible so I can purchase a house hack property with "locked in" units(basically ADUs), renovate the space and also build another ADU or locked in unit so that I can cash flow.

I currently live in a house hack for which I have a $1980 mortgage payment with insurance and taxes and a little over 3000$ in gross income per month. So when I move out I will have about 5000$ gross per month with the 1980 mortgage. Would the bank count this as income for my next house hack?

The question I really want answered is this, how do I qualify for the largest loan possible? What can I do between now and next year besides increase my W2 income to increase my loan amount? I would be looking to use an FHA 203K loan or Fannie Mae Homestyle to get a 700-800K loan with a construction component. How do I know how much I would qualify for? I have a mid 700 credit and so does my fiancé and she makes 90K+ salary and I have a 50K+ Salary with 50K+ in commissions each year that shows up on my W2. So we collectively make almost 200K.

Lastly, I will be moving there next year and will be building more buildings in the mean time. Would this increase my usable income to qualify?

Hello! Are there any agents or house hackers in BP that are investing in Eagle County?

POLL: What are the areas to NOT invest in in Pittsburgh and the surround areas? This can be defined at C- or below areas that are the biggest headaches. There is a lot of speculation in the market today with the "next up and coming area" and a lot of these are local crappier areas that just look like they are improving because the cost of housing is going up everything in America. This post is to serve as a community resource to separate the wheat from the chaff or the hype for the real...

I know @Alex Deacon @Jeremy Taggart, @Anthony Angotti, and @Jim K. have opinions about this...

Hello, does anyone have recommendations for SEO firms for flipper/wholesalers? We are looking to scale into multiple markets and turbocharge our SEO strategy.

My wife and I are interested in purchasing another house hack 3-4 unit in the area that we purchased and renovated our first one; a three unit building that we renovated from top to bottom. We used a FHA 203K Standard loan.

How have other people done this, like @Craig Curelop mentions in his House Hacking book? We would like to have a similar type of product; a low down payment loan with a construction component. 

We are looking at using a HomeReady Loan with a Homestyle Renovation component, but this product looks like it can only go up to 75% LTV with renovation and purchase, which obviously makes finding a suitable property a very difficult path.

@Paul Welden, can a Fannie Mae Homestyle renovation loan be used for a multi unit? I put a HELOC on my property so I cannot refinance my FHA

Hello, I have an FHA 203K loan that I closed last year in July on a 3 unit. I would like to house hack again with another conventional loan on a 3-4 unit. Any suggestions on what type of loan I could get that has a construction component with it and also has a low down payment? It seems like the convention 97 is ruled out, because I don't qualify. Also, it seems like some lenders would look down on moving into another investment property in the same neighborhood to house hack after 1 year? Who has had experience doing this?

How do I structure a deal with a lender where the seller holds the mortgage for a portion of the deal? For example, for 4 houses that amount to 400,000 and the owner holds a note for 15% or 60,000? Any recommendations for lenders would could do this and how would I structure this?

If I take out a 90 CLTV HELOC on my primary residence (a 3 unit) and then refinance my loan, which is currently an FHA loan, and then move within a few months and use another low down payment owner occupied mortgage to house hack another Multiunit, can I get another HELOC on this multiunit? Also, will I lose my HELOC on my current primary residence because I will be moving?

Please note: I will not be selling and instead using the current unit that I live in as a rental.

@Jeremy Taggart, Thanks for the reply man. Unfortunately, they don't do 3 units. For anyone else that may benefit from this trend, I did find two lenders who can. PSECU and Scottdale Bank - A Mid Penn Bank.