All Forum Posts by: Joel Bullock

Hi Darrell, I just stumbled across this topic and am definitely interested in the answer as well. I'm planning on house - hacking in January and talking to an attorney about leases a little bit before then, so I'll ask about this for sure. Assuming that someone else hasn't already come by to answer it by then or that Congress hasn't passed some blanket business liability provisions that include real estate, I'll come back and post what I learn! 

@Crystal Hoover A tip I read someone give a while back was to go onto places like craigslist and facebook marketplace and see what the market for renting rooms is in your area. I imagine you could also use that to see how popular/feasible it is too! Any other answers would be awesome too though cause it's a question I'm curious about as well haha!

@Stephanie Medellin Thanks!

@John Warren That makes sense, thanks!

When talking about low money down options, I always see people on BiggerPockets mention FHA/FHA 203(k) loans, but very rarely mention HomeReady/HomeStyle loans. On paper at least, they're very comparable, with the major differences I've noticed being that HomeReady is more selective on the Buyer's information and slightly less picky about the property than FHA, and has private mortgage insurance versus the set mortgage insurance for FHA. They both seem to have pro's and con's depending on the situation, however I always see FHA being mentioned but very rarely does it seem like HomeReady is brought up. I might just be missing something, but I'd love to hear everyone's opinion on HomeReady vs FHA loans and any reasons it seems to be less popular.

@Ben Scott Thanks! I'm making sure to focus on learning more every day and taking daily steps towards that goal. I just don't know how things will continue to change due to Covid-19 and with it resurging in the US right now, I don't want to just ignore the potential ramifications. If nothing terrible happens though I'm planning to purchase sometime between Nov and Jan, so I feel comfortable waiting and learning for a month or two while I wait to see what happens.

@Alyssa Dyer Thank you, I will!

@Alyssa Dyer Thanks! I would greatly appreciate an intro! I've been holding off on talking to lenders or realtors so far, because I've been waiting to see how everything going on plays out for the next month or two. I'm worried about wasting their time if how things unfold make it infeasible for me to buy a house at this time. 

@Daniel Haberkost That kind of lease sounds very interesting, I know you said you got it from someone else but do you have any advice on where you can find example or "blueprint" leases for house hacking? Either way, thank you for the information!

@Alyssa Dyer Thanks! I also hadn't really considered how those factors impacted what deals are good. I'll keep that in mind as I keep looking!