All Forum Posts by: Nathan Richmond

@Kris Cieslinski House hacking is a great way to get started.  You buy a multi family property and live in one of the units.  This cuts down on your mortgage considerably, if not completely.  Plus, you can keep a close eye on your property as you learn how to manage them. Of course, being that close to your tenants can bring some negatives as well.  Anyways, @Brandon Turner and many others praise the benefits of doing this.  I am in escrow on a property that I will be doing this exact thing.  I'm super excited about it.

I wouldn't worry about not knowing everything, because you'll learn.  I'm like you though, I want to know everything before I take that leap of faith.  When you find a property, crunch the numbers, make sure it pencils out, and if it does, make an offer!

Hey guys, I think I'm going to like this sub forum. Do any of you belong to a REI group? I would love to join one that functions similar to this website. Anyways, there is this property in Fresno that seems really intriguing and I'm wondering why it hasn't sold yet. I'm not in a position to invest in Fresno quite yet. I just entered into escrow on a property in Tulare where I'll be doing some house hacking. The property I'm talking about is 833 N Van Ness, 93728.

I believe it's in the Tower District.  What do you guys know about it?  It's obviously older, but it looks like a really cool property.

I have 4 individuals (2 couples) listed on a lease agreement that runs for 3 more months. One of the couples is moving out. I only know this because the other couple has contacted me.  The couple that is staying has been the ones paying the rent and utilities, so barring anything unforeseen, it should be business as usual. 

At what point is the property considered abandoned by the 2 that left? I'd like to legally be able to remove them from the lease.  While they are moving out voluntarily, they have told the couple that is staying that they still have every right to come back whenever they choose.

Has anyone experienced anything similar to this?

@Mark Nolan I'm a jr. High math teacher. Won't my retirement be taxed heavily if I borrow against it? I do have a 401k going as well. Actually, I think with teachers it is called a 403b. Anyways, will either of those incur penalties if I borrow against them?

@Daniel Mohnkern Thank you for the idea. I'll definitely check on that.

@Joe Villeneuve 

@Jean Norton

Thank you both for suggesting looking into getting a partner. That might end up being my best bet.

@Jean Norton

I asked him about financing just the 20% and he wasn't interested in that at all. He's moved across the country and wants to be out of it completely. But that definitely would have been a great option.

Ok, so here is the deal. I'm looking to purchase an owner occupied multi unit property. YAY FOR HOUSE HACKING! There is a 5 unit property that I'm really excited about. However, as most of us know, the financing rules are different once you reach 5 units (no FHA 3.5% down). The front unit is a 2 bed/2 bath house (the unit I'd like to move into). Behind it is 4 units.

The sale price is 299k. I have approximately 30k in savings. So obviously not enough for 20% down.  

What are my options?  Does anyone have an idea? Has anyone found a way around this? Any advice would be greatly appreciated. Thanks!

And yes, you can get 30 year loans with each.

Getting an owner occupied fha loan is about the best you are going to do.  The fha loan allows you to only have to put 3.5% down. You have to live in the property for a minimum of a year. 

If you purchase a SFR, then you can get a 5% conventional loan. This is good because it is my understanding that you don't have MIP with this type of loan.

Ask @Elizabeth Colegrove. She self manages across the country I believe. So 50 minutes is nothing. It's not like you'll be driving there every week.