All Forum Posts by: Grant Schroeder

Hi Joseph! Glad to hear you are looking for a lender here in Oregon. Was there a specific region/location you were interested in? Please feel free to shoot me a direct message if you want to talk more about your situation and getting preapproved to purchase. Thanks!

Hello BP Community, I am currently house hacking a duplex and have a tenant next door that has been there for the entire year since we purchased the place. In the lease they signed, we say no structures affixed to the exterior of the property. One of the tenants all of a sudden would like to install a security camera on the exterior of the house. He is the type of mischievous person that a request of this nature most likely has an alternative motive for installing the camera. I am inclined to say no since it is in the lease, but wanted to hear people's thoughts on this? Thanks in advance!

@Cory Carlson Thanks for the shoutout! @Joselyn Malik and I were able to connect through direct messaging and continue the lending conversation. 

Hi Joselyn, I am glad to hear you are getting started in the house hack scene! Were you thinking of house hacking a single family residence or a 2-4 unit property? Please feel free to message me if you want to talk more about lending options in Southern Oregon! There are several different loan options you can utilize depending on your given situation. Have a great day!

Hi Jimmy, you can’t go wrong working with Cory Carlson over there in Bend. He knows the market well and is the perfect choice to help with house hacking. We are currently working together to help a client find a house hack in the Salem, OR market. Feel free to send me a DM if you have more questions about the financing side!

As Cory and Irving both said, it doesn't hurt to get second opinion from another lender!

Hi Matthew, great questions. If you are looking into FHA and renovation, you could also go the route of an FHA 203k loan and wrap the repair costs into the loan. Shoot me a PM if you are interested in talking more about this route!

 A rate/term refi is your traditional refi where you do not pull cash out. You are changing the rate and terms of your originally loan essentially. The rates on a cash out refi are .25 - .5% worse than a rate/term refi because you are pulling our cash and reduciing the equity position in the house, thereby removing security for the lender and making it riskier to lend on. Hope that helps! Let me know if I need to go into more detail, but surface level it is no cash out rate/term vs. cash out refi.

 Hi Patrick,

Great questions. I have house hacked two houses in the last couple years and am always an advocate for keeping rental properties as they are incredible wealth generators for the long term. You can do a Primary Rate/Term refinance of your current place and pull out up to $2000 without being a cash out refinance. (Cash out refis have worse rates than a rate/term refinance) You can lower your monthly mortgage payment and increase your cash flow even further before leaving. Per Fannie/Freddie guidelines, you need to live in the house for 12 months after Purchasing a home. If you do a rate term refinance as a primary residence, you can then immediately go and purchase your next house hack. You do not need to live in the house for another 12 months. Would you want to do a VA or conventional loan for your next house hack?

If I were you, I would definitely keep the house! If you have a hard money lender and a little bit of your own cash for a BRRRR out of state or another house hack locally, I would keep your current home in Albany and have the renters pay it off. I grew up in the Corvallis/Albany area, and know that to be a great market to hold long term rentals. If you are already achieving great cash flow, the appreciation is just icing on the cake. I am also a loan officer here in Oregon, so I can speak to the specifics of your situation more if you would like.

Please DM here on Bigger Pockets if you have further questions. I am happy to help!

Hi Brenton,

It sounds like you are headed in the right direction. The biggest thing now is to take action! As Brandon & David always say, your first one probably wont be a home run, but just get started by hitting a single and gaining some experience! Feel free to DM me with other questions you have about house hacking or getting approved for a loan in Southern Oregon/NorCal. I have house-hacked 3 times in 3 years now here in OR and work as a Loan Officer at Academy Mortgage licensed in OR, WA, CA, AZ. I am always happy to help people like you get started in the real estate game. Have a great Independence Day Weekend!

Best,

Grant Schroeder