All Forum Posts by: Account Closed

@Account Closed a great house hacking realtor will let you know what you need to do to be ready. Don't be afraid to reach out to that person now. They will be more than happy to help. Let them know your concern about wasting their time. They will be grateful and let you know if you are. 

One thing to consider is finding a down payment assistance program in your state/city. They often cover the downpayment with a loan that carries 0% interest. 

In Colorado Springs, we have a program that allows my house hackers to buy a house for $1,000 and the rest is covered with a 0% loan. The income limit is 160k! So most people qualify. See if there is something like that in your area. Then you could buy now before competition becomes crazy again and refinance when rates come down.

Hey Evan, you sound like you already have a pretty good start to getting into the REI business. Keep working hard, saving, and studying everything about REI that you can get your hands on. Even though you don't yet have two full years of job experience, you might be surprised what a loan officer tells you. I have only been investing for just under 2 years, and I thought banks required two years of tax returns to count rental income in my DTI (Debt-to-income) ratio, but my lender said they only needed one. This allowed me to qualify for a 3rd mortgage. My point is that it wouldn't hurt for you to start talking to one and see if they have any options for you. At the very least, they'll tell you what you need to do so that you're moving in the right direction.

Also think about lenders this way.... You're the prize for the lender, just as much, if not more, than they are to you. lenders need to loan money for their business, but they need to loan it to responsible people that will pay them back. So, they might give you pointers about what criteria you need to meet for them to loan to you, because you'll be a responsible person.