All Forum Posts by: Jessica Mayo

I’m curious is anyone has experience getting someone off of an FHA loan and replacing them with someone else. I’ve been listening to the podcasts and absorbing all of the information I can for over a year now. I’m 25 years old and bought my first house with my boyfriend with the intent of house hacking my spare bedrooms. Over the course of the year or so we’ve lived there, it’s apparent it’s not going to work out. He changed his mind an was not on board with the house hacking idea, and has no ambition towards financial independence and would be perfectly happy drowning in debt living the “American dream”. I found BiggerPockets while house hunting and didn’t work my way through it fast enough. I learned so many lessons after I’d already finished the process. I rolled the closing costs into the loan and now owe more than it’s worth. I don’t want to sell either way, but it doesn’t seem like an option. We have an FHA loan and I don’t think I’d qualify on my own (not positive). My father agreed to take his place on the mortgage so I could keep the house. I’ve been trying to figure out how it works online, I came across the FHA streamline refinance but I’m not sure if my situation would improve enough to qualify. If anyone has any experience with this, or advice, I am all ears. I’m ready to start house hacking so I can attempt to turn this liability into an asset, or close to it! I’ve made a bunch of mistakes along the way I’m just glad I’m learning them early! Thanks! Jess

I’m curious is anyone has experience getting someone off of an FHA loan and replacing them with someone else. I’ve been listening to the podcasts and absorbing all of the information I can for over a year now. I’m 25 years old and bought my first house with my boyfriend with the intent of house hacking my spare bedrooms. Over the course of the year or so we’ve lived there, it’s apparent it’s not going to work out. He changed his mind an was not on board with the house hacking idea, and has no ambition towards financial independence and would be perfectly happy drowning in debt living the “American dream”. I found BiggerPockets while house hunting and didn’t work my way through it fast enough. I learned so many lessons after I’d already finished the process. I rolled the closing costs into the loan and now owe more than it’s worth. I don’t want to sell either way, but it doesn’t seem like an option. We have an FHA loan and I don’t think I’d qualify on my own (not positive). My father agreed to take his place on the mortgage so I could keep the house. I’ve been trying to figure out how it works online, I came across the FHA streamline refinance but I’m not sure if my situation would improve enough to qualify. If anyone has any experience with this, or advice, I am all ears. I’m ready to start house hacking so I can attempt to turn this liability into an asset, or close to it! I’ve made a bunch of mistakes along the way I’m just glad I’m learning them early! Thanks! Jess

Im 24 years old and just purchased my first single family home in York, PA and I plan on renting out the extra rooms to friends. I'm looking for advice on different avenues to take to get another property to rent. Should I use the rent money towards extra payments on my mortgage to build equity or set that money aside to save for a new down payment? Any advice on any good direction would help. I'm still in the beginner learning phase and just trying to absorb as much information as I can. Thanks for the advice in advance!