All Forum Posts by: David Healey

@Douglas W. Rink, thank you for this valuable walk through. If I can figure it out, I'll post what I find. 

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@Account Closed, thanks for reaching out. We are planning to occupy. I'm not sure if they are individually deeded as the description indicates they are listing the property as a 4 unit property, but really sellling 5 units. The description also says, "This listing is for 5 separately condo-minimized units of 7 in the building." But I don't think that answers your question about whether or not it's individually deeded. I will look into that. 

Hi All,

We found what seems to be a good deal on a property where 7 units were built, but only 5 are being sold. My wife and I are looking to house-hack, but don't want to pursue a commercial loan. The description says, "Since the ratio of owner users in the property are less than 50/50 the buyer may need to obtain a commercial loan or pay cash,..." It says, "may." Does anyone know of a way around the commercial loan? Ideally, we'd like to try to get in on an FHA. Any and all advise will be helpful.

When using the Rental Property Calculator on a deal we're looking to house-hack, we need to treat it as a one-less unit than what it is, right? So, if we're looking at a 4plex, and we'll be living in one of the units, we need to count the income as if it's a triplex?  Am I thinking about this correctly? If so, does anyone have any tips to help us to maximize cash flow?

Ok, thanks, Nick. 

How do I determine a landlord's rent rates when looking at property listings that don't offer this information?  I'm not using a Real Estate Agent yet and am only researching on sites like loopnet.com for multi-family properites. Also, what formula's do you use to determine a likely rent rate when there are no pictures to help you come to a figure? Thanks in advance:)