All Forum Posts by: Cole Britting

Thank you for the response @Damon Bodine!

Are there any specific neighborhoods in Brooklyn/Queens that your clients have been seeing good success recently?

I'm trying to figure out some of the best cities/neighborhoods in the NYC area right now for a house hack. Where are you guys seeing some success? Here is what I am looking for in terms of criteria:

- Under $900k

- My own space (whether that is MF, an ADU, finished basement, etc)

- 1.5 hour MAX commute to Manhattan

- B- to B+ areas

I am mainly just looking to make a dent in my housing expense and I understand that positive cashflow is pretty unlikely. This would be my first investment and I'm not afraid of a property that needs some work, but the extensive rehabs I would like to stay away from. Any suggestions you guys have would be great - willing to look in any boroughs, LI, North Jersey, Fairfield County, etc! 

Hey @Manuel Moreno Jr, congrats on the deal!

Wanted to check in after these past few months and see how this deal is going for you?

@Christian Ehlers @Nicholas Coulter @Trevor Oldham Thank you all for chiming in with what you all are seeing, I appreciate it!

And thank you @Steve Schulman for a little more insight into this product. It seems buyers have more leverage than meets the eye if buyers are strong willed and are surrounded by the right people. Thank you!

It's good to see some of these product making a little bit of a comeback, and that note about contractors having more time is something I didn't think about!

Thanks for the insight, @Paul Welden !

Are you all seeing more 203k loan offers get accepted now that the market is becoming a little more favorable to buyers? I know over the past few years offers with this product have been pretty hard to get accepted, but was wondering what everyone out there is seeing now. It seems like such a powerful tool if you can get it done correctly with good contractors!

Thanks for the advice everyone! I really appreciate it

 Makes sense, thanks for the response! @Lien Vuong

Hope everyone is doing well!

So I have a question on house hacking, as I am trying to develop my strategy:

I'm going to be traveling around for the next few months (not work related), but also want to get a house hack with an FHA loan. After taking a look at the FHA guidelines, it seems that as long as it is my primary residence, and I am occupying it for the majority of the year, I am not breaking any rules. So if I travel for 182 days, and live in my house hack for 183, I am all set?

To add another layer: What if I want to rent out my room (or if multifamily, my unit) to someone on a short/mid term basis while I am gone. Is this allowed? I'd still be occupying it for majority of the year, but not sure if this crosses some line between investment property and primary residence.

Here is the HUD's definition of principal residence for reference:

A Principal Residence refers to a dwelling where the Borrower maintains or will maintain their
permanent place of abode, and which the Borrower typically occupies or will occupy for the
majority of the calendar year. A person may have only one Principal Residence at any one time.

Hey Stanton,

As said above St. Pete does not allow short term rentals, but there are some unincorporated areas in St. Pete that follow Pinellas County regulations. In those pockets, although they are scarce, you will be able to legally do a STR because Pinellas County does not have the same nightly minimum regulations as St. Pete. There are other great cities mentioned above, like Seminole and Largo, that do not have nightly minimums.