All Forum Posts by: Daniel R Jenkins

Thanks for the Info Reid. The new home is a single family home with fully furnished basement that I would be renting out. Does this qualify as "Multi Unit"?  Also, what are the rules when it pertains to Occupying this new home as a primary. How does the lender verify I'm living there? what is the standard for this rule? must I change my mailing address? do i need to sleep there nightly? how is this managed?

That makes sense, I've already been pre-approved for a 200K mortgage but not for the cost of the house i'm considering. It's actually double what I've been pre-approved for. I was wondering if it made a difference to the Mortgage lender that I would be occupying the second home. The plan is to rent out the basement of this new house as well leaving me hopefully with zero mortgage payments paid out of my pocket. I could provide a signed lease for my current property but not on the potential purchase property..... Catch 22.

What pitfalls do I need to be aware of if I want to rent my current home and move into a house that I would house hack? Would I be able to get special financing on a second home if it is a home I would be living in? Even though I will not be selling my current home but renting it out? 

@Ver Andrew Starr

Sounds good. Thanks Andrew.

@Karen O.

Great advice Karen. Really appreciate it.

@Ver Andrew Starr

Thanks Andrew. The local comps are difficult to find. The property values in the area run the gamut from 500K to sub 100K. I do plan on renting the property but don’t want to spend 6 months repairing before I can get a renter in there.

I've found a home that is in very bad shape. The bones are good but will need a complete re-do. It may still work if I can buy for the right price.  Is it worth it? Does anyone have advice on how to shorten the repair process or better estimate costs?