All Forum Posts by: Conner Olsen

Previous client used it for a condo. They closed on time! Slow process but the closing costs were more important than closing to my client.

I believe it's for anyone, I would double check with a lender.

 Hey Willie, the best operators of rent by the room properties try to create a good atmosphere of likeminded people instead of random roommates that have nothing in common. As far as the successful layout of the property, no more than 3 people to a bathroom. You'll figure out the sweet spot for which layouts make the best returns, in Austin it's 4-5 bedroom+. Corner lots are great for housing a lot of cars. No HOAs are very helpful.

Bank of America is offering some big incentives right now for owner occupant purchasers in low to moderate income areas. (I assume this is nationwide). They are offering $17,500 in a closing cost grant to cover your closing costs and use for rate buydowns. These grants are called 'America’s Home Grant® Program', and 'America’s Home Grant® Program'. I had a client use this earlier this year. Income threshold is $162,000 in Austin. This is relevant to house hackers because the majority of duplexes in Austin are in low to moderate income areas.

The government is trying to make housing more affordable so this is what they came up with. There was a period of time that 5% down was common for multifamily properties, they're bringing it back. Ask a lender if it's a possibility for you!

Having an FHA loan does not limit you from having multiple conventional loans!

Does the stove just need to be removed before closing? Could you put the stove back in afterwards? Or maybe put in a different stove later? Ask your agent and lender 'how can I make this work'.

I'd make a website. Websites make everything seem more legit.

 Hey Ricardo, I have MTR in Austin but none in Houston. First steps to analyzing a market it to look at furnished finder stats, Airbnb MTR, and local FB groups. From those sources you should get an idea for rates, demand, and best locations for a property.

The hardest part of MTR is getting it furnished. I probably spend an hour a month per property keeping it running.