All Forum Posts by: Craig Anderson

 Thanks Brad.  I appreciate the input.

Hi there everyone,

We are starting to house hack at the end of August with Room by Room tenants. Mainly we are focusing on traveling nurses, professionals and other short-term tenants. We of course will not shy away from long-term tenants. We will be renting out room by room, and my wife and I will be living at the home.

My question is do you have short term renters get renter insurance? Since I will have home insurance, would their stuff be covered?

Hi there everyone,

We are starting to house hack at the end of August with Room by Room tenants. Mainly we are focusing on traveling nurses, professionals and other short-term tenants.  We of course will not shy away from long-term tenants.  We will be renting out room by room, and my wife and I will be living at the home. 

My question is do you have short term renters get renter insurance? Since I will have home insurance, would their stuff be covered?  

In your situation, with your parents willing to put money in for your down payment, I would make sure to ask how much they are willing to put down. Then, you have a number.  Also, if you want to go above and beyond what they will put down, then you have that number that you can save for your purchase.  

Don't forget about closing costs and lender fees.

Once this is all figured out, then I would save your money 50/50. 50% going into an Index/ETF fund. 50% going toward your rental/house hack.  This will also help you build reserves for future expenses after you reach your target number.  

In the future, always pay yourself first at least 10%, then at least 10% for investments, and live off the rest for fixed expenses. If you do this, then your wealth will increase over time and experience the power of 72.

Good luck!

The best advice is to get started. No matter which path you choose, there won't be an ideal answer. It is what works for you and your family.  As my cousin told me, "let the equity games begin!"  

My wife and I are in our 40s, and we are starting with house hacking by renting out 3 rooms in our house for short and long term renters.  After about a year, we will move out, and rent the whole house, and find another property and continue to build our portfolio.  

It's like the old adage for someone not working, and doesn't want to start at $10 an hour.  Well, $10 an hour is better than $0 an hour waiting for a job.

Having someone pay for our mortgage, even if it doesn't cash flow, is better than me paying the mortgage.

 We found that odd too, so I contacted 2 other lenders today. Something will work out, we are moving to Idaho. Are you able to lend there?

We found that odd too, so I contacted 2 other lenders today.  Something will work out, we are moving to Idaho.  Are you able to lend there?

Hey there BP family,

A few months ago, I went through the process of getting pre-approved to see where I was at, and everything was looking good. Everything was going to be in my name, and my wife wasn't going to be attached to the loan or anything.

Now, as we are about to go to the area this weekend and stay a week to find our home, and house hack, the lender told us that our debt-income ratio is too high because she had to put my wife's info as she is part of the household.  We are moving out of state, I have a W2 job lined up for August, and now this comes out today.  

Anyone know how to get a loan in this scenario? Anyone have a good lender that can work with us?  

Any help would be appreciated.

Not sure what your lease is like, but if you have a spare bedroom in your place now, then why not rent it?  It's the same concept of house hacking, but you're not paying off the mortgage. However, someone is helping with your current rent, and you can save money.