All Forum Posts by: Ethan Oliver Troy

@Jamiel Strickland I started looking into that as an option as well, but was told that it wouldn't be the best idea being that I am going to be a first time home buyer— also I am very restricted to how much I am approved for due to my DTI ration (student loans)... so I thought utilizing this rehab loan would allow for me to purchase a property less than 100k and rehab it — to still be able to live in a nice home, for a cheaper price.

Depending on what lender you use they can consider the rental income that you will be collecting in the equation for how much of a loan you would qualify for. The other thing you could do is actually buy the property with hard or private money and cash out refinance with a conventional loan after the rehab.

0 Votes

Originally posted by @Ron Gallagher:

Can your family pool their money together for a down payment on a house near Greenbelt? In the Hyattsville area I see lots of houses with a second kitchen in the basement, often times with a separate entrance, so you could live on one level of the house and have a little privacy for yourself and then your mom and sisters can live on the other level.

That’s only somewhat possible. Mom works a call center job, my one sister is 5 years old, and the other has Down syndrome ( but she does get state assistance and I’ve been told this could be considered in the loan qualification process)

1 Vote

I currently live in Essex, MD but work in Greenbelt, MD. Trying to figure out the best location to work a live and rent situation. It’s a bit complicated because I have my my mom and two sisters as well on board. I’m trying to get them out of a bad situation renting and into someplace we’re making equity together. Any recommendations or advice?

3 Votes

All Forum Posts by: Ethan Oliver Troy

Ethan Oliver Troy has started 1 posts and replied 3 times.

Post: First post and I would love your perspective

Post: First House Hack Maryland

Post: First House Hack Maryland