All Forum Posts by: Derick Bonsu

Hello all!

Hoping for some luck that someone can help me with an issue I'm having. I'm looking to purchase my second house hack and I'm running into problems finding a loan that works for me. One of the main benefits of house hacking is obviously the low down payment as it is your primary residence, however I'm being told that 15% may be my only option.

For some context I'm looking to purchase a second 2 family home in Hudson County New Jersey that I will move in to. For my first I used an FHA 3.5% down. You can only have one FHA loan at a time and I can not yet refinance out of my current home to free up my FHA. When I was originally looking for my first home I was preapproved for a 5% down conventional loan that allowed 2 family homes but I've called around a bunch and apparently that doesn't exist anymore. I know there's options in the single family space but that doesn't really work in my market unfortunately. Was wondering how others have overcome this problem in their journey. At this point I'd be looking for a portfolio lender that offers a special program or one that might be willing to lend on the appraised value if I'm able to get a below market deal. Thanks in advance for any help, have a great day!

I was gonna jump in here but you pretty much every point I wanted to make for me. For those debating semantics of crash vs correction, it does seem some what irrelevant in that if I think something is going to be worth less in the future than it is today why would I buy it as an investment. The housing market is driven by primary homebuyers using 30 year fixed mortgages that have doubled over the last 6 months (the average mortgage rate is up $900) your average consumer simply cannon absorb that therefore prices must come down and it’s already happening (In my market D.C. metro prices declined 7% mom from June to July.) I’m a big car guy and one thing this reminds me of is when car guys get mad at manufacturers for building boring ugly cars not realizing that enthusiast’s make up a tiny franction of the car market, similarly biggerpockets is by definition a housing enthusiast’s website, the only reason I engage so much is i really don’t want to see investors lose their shirt in this market.

Hey Zach! 

THEME THEME THEME in the Disney markets. The market has a TON of short term rentals. Themed rooms, garage-to-gameroom conversions, pool/hot tub will help you stand out!