All Forum Posts by: Cole Britting

@Cole Britting Yes you can live in the property during rehab but depends on the extent of the rehab and your agreement with the Certified 203k Contractor. If the rehab will gut the kitchen or leave you without a working bathroom, the property may not be livable during rehab.

Mortgage payments start 30-45 days after the loan closes ... you will be paying the mortgage during the rehab, but on the Standard 203k, you can include up to 6 months of mortgage payments (PITI) into the 203k.

Most of the drawbacks are associated with working with the wrong lender and wrong contractor.

So, select the lender based on their verified 203k experience and use a contractor with the designation as a Certified 203k Contractor - 203kContractors.com.

You're only as strong as your weakest link --- select your partners wisely.

Thank you so much for all the great info. You answered all my questions perfectly, I really appreciate it!

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@Mike Lambert Thank you so much for all the info, you've given me a lot of great starting points that can help me in my research. It's interesting to see how different the mortgages can be, I can only imagine what a negative mortgage rate would look like in the US!

Thanks again and best of luck.

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Congrats! It sounds like you guys are killing it. I'm also from NH and have not seen many NH investors on BP making the moves that you guys are.

It may feel like you guys are a bit over your heads now, but I'm sure you will look back on the experience and be glad you did it. You will absolutely figure it out.

Best of luck

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I find myself in a very similar position. I'm twenty and have some capital saved up and am ready to dive in soon. If you plan on having a W2 job sometime in the future, I know all some lenders need is a note from your employer disclosing what salary you will be making. Sometimes that is enough and they will approve you, but only some lenders will do this. This is what I am planning to do once I'm done school.

Hope this helps and best of luck!

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I also saw this news and was curious as to what this would mean for investors. What @Joe Splitrock said definitely makes sense as they will now also have to be focused on their shareholders. I'm curious what the extra capital may be able to do for their platform, or if they decide to make some big changes.

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Originally posted by @Mike Lambert:

@Cole Britting

International house hacking is a little bit of an oxymoron. In real estate, what determines if something is international or not is the residence, not the nationality. When you house hack, you live in the property so it's not international. You can house hack anywhere. Your main issue would be that you're allowed too legally reside in the European country where you want to do this.

It seems that your questioning is more about the possibility of getting a mortgage. @Bruce Lynn is right that financing options in some countries are limited. However, many European countries have mortgages that are much more advantageous than US mortgages. The locals will generally get the best conditions but, in certain cases, foreigners/Americans will be able to get a better mortgage in some European countries compared to what they could get in their own country. Mind you, if you live there, you'll be considered a local for a mortgage purposes as long as you can qualify based on income that you earn locally.

I completely get what you are saying with it being an oxymoron, thank you for pointing that out.

So if I am legally residing in a country, I would get the local conditions which may turn out to be better than what I could get in the US. That is very interesting I never thought of it like that. What if I only plan on living there temporarily, for a year or so? Would I still be considered a local? Also, what do you mean by income that you earn locally? Do I have to have a job based in the country of residence? Or can I work for a US company remotely?

Sorry for all the questions, but you raised such a good point I never really thought about. Thanks!

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Originally posted by @Mauro Neves:

Hello,

Regarding loans for foreigners by local lenders in Portugal, actually its possible to get a mortgage but normally banks demand a minimun of 20% down payment on the property.

I have Portuguese nationality but have been living in Angola, and I have angolan friends that bought properties in Portugal with loans from local banks there.

Im a non resident in Portugal, and I have 3 loans (mortgages) and I had to put between 20-25% down in all of them.

Banks like Millennium BCP, Santander Totta, Novo Banco, have this type of solutions.

Regards

Mauro Neves

This is really useful information, thank you so much! Portugal is one of the countries that interests me the most, so I really appreciate you listing some of the banks you have worked with. Congrats on the properties!

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Originally posted by @Bruce Lynn:

One difference is that in Europe and many parts of the world loans for purchase of investment properties for foreigners are limited or non-existent. So you may need cash to buy. That's different than in the USA where loans are plentiful for owner occupied and investment properties.

I've also noticed that a lot of lenders (if they lend to foreigners) require a higher down-payment, say 30-40%. Thanks for the info!

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Originally posted by @Brad Hammond:

@Cole Britting, this is one strategy someone could use underneath the house hacking umbrella. Doing this would allow you to get in with a lower downpayment (4%-5%) since it is your primary residence. During the time you live there, you will get to know the condo and the community better and rehab/fix any issues that exist. This time will also allow rents to increase (probably 2%-6%/year depending on your area) while your mortgage remains the same. This isn't just for condos, it can be done with a single family home as well.

Awesome, thank you so much for the info!

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All Forum Posts by: Cole Britting

Cole Britting has started 27 posts and replied 170 times.

Post: Mortgage Hacking: Why I Paid My Mortgage Six Months in Advance

Post: 203k Loan Experiences

Post: International House Hacking

Post: Looking for a Coach!

Post: Help! Need fha for property but no w2 or two years 1099

Post: AIRBNB going live today on Nasdaq stock exchange - impact?

Post: International House Hacking

Post: International House Hacking

Post: International House Hacking

Post: Condo or house for first property?