All Forum Posts by: John Steffen

To all aspiring house hackers and those aiming for a single-family primary to hold it as a long-term rental, what are your biggest frustrations likely keeping you from jumping in the game? 

If your hesitation is resting on inability / delay in qualifying for your second.. 1) most importatnly, you need to start with one..and househacking with low down is the best way to start. 2) buy that first one with intent of leveraging it to buy the 2nd/3rd property, IE live-in flip or find a motivated seller offering a steep discount. You could cash out refi OR sell in a year and 10-31 the profits into 2-3 more doors. Another option to make your cash go further is to pay for a turnkey house hack at market value and negotiate 6% (if using fha) to cover all closing costs and rate buy down so you are only out of pocket the 3.5% down payment and nothing extra. 

Hey Kyle, the agent finder on BP is going to lead you to the best investor friendly agents in your target market. 

Speak to the Hoa and review the HoA docs before going under contract. Many hoa's have restrictions / limits to non-owner occupants allowed in a community / building. Just make sure they allow units to be held as rentals, if so, then what are the terms and conditions if any.

Good luck!

To land another FhA without refinancing, the 100mi distance is going to be the main requirement OR underwriters want to see a major life change (having kids so you need a bigger unit is the most common scenario). You may also want to consider a 3% down conventional loan on a SFH / SFH+ADU OR 5% down conventional on a 2-4 unit - this way you won't be restricted by your current FHA

Hey Shawn, Key Check is great, I personally use it for all my rentals and still use it for my current MTR househack. There are a million and 1 software programs out there. It will be best to choose one and run with it for a bit so you have a base of comparison for the future - keycheck is a solid start. I do not use the lease agreements provided, I use the promulgated contract provided by my state, but it's perfect for background/credit checks, docusign, and payments. 

Not too late at all! A few weeks back I had an out of state client land a turnkey rental for $275k in downtown Sherman with a long-term tenant in place paying $2275/mo. Another out of state client closed on a 2019 build in Sherman for $235k back in June '24. There's plenty of quality inventory under 400k in that market. 

Definitely keep saving or househack local. When the time comes, if Texas is too far or expensive - don't forget about the Scranton market - that's a hot spot where a ton of NJ / NY residents to start buying affordable rentals. 

Hey Owen, yes, it's possible for both of you to be on title, split closing costs, etc. Your lender will likely base the loan off just one income/credit though (at least that's how my lenders have done it)

I would personally advise against it - life is a windy road and you never know when one of you may want out of the deal even if both have full intent to stay in from the onset. Instead, I would work together on a side hustle and see how fast you can stack cash so you both can go out and buy multi families. It's only 3.5% down + closing costs and reserves.

Work your day job, mow lawns, leaf cleanup, shovel snow, flip furniture, pick up night shifts waiting tables/bartending, stock shelves at home depot overnight if you hate talking to people or anything else. THIS part would be a blast to do with your buddy. See how fast you can each race to ~50k. Good luck! 

Yes, this is as niche as it gets, so odds are slim, but I'm curious to hear if anyone else lives on some acreage while boarding other horses on your property? We currently have 2 of our own and our guest house tenant keeps 2 here as well. We have a few more acres that we could fence off for at least 2-3 more. I'd love to chat with someone in regard to your pricing strategy, shed / stall accommodations, time in stall vs pasture, etc. TIA!!

How does your lot accommodate parking for 2 unrelated tenants in the future assuming you need to fit 4 total cars? Is there an alley way behind, large main driveway, street parking (if so, do the Adu occupants need to walk through the main house lawn?). Making sure the property "flows" outside is a key component I have personally found - assuring nobody is stepping on toes, encroaching on each other's outside space, or blocking cars in, etc.