All Forum Posts by: Jonathan Bebey

Hello BP community, 

I am looking for some advice on how to succeed for my 2nd house financing.

I bought a $475,000 SFH with 4 bed/3 bath in Phoenix, AZ April of 2023. I am currently house-hacking while co-mingling in my house. I put 5% down using a conventional loan and my current PITI is $2850 and currently receiving ~$2700 a month from my tenants. I am looking to move out & buy a 2nd home and rent my place for about the same price my tenants currently pay (Negative cashflow $150), but I know financing the 2nd house hack can be challenging due to a high DTI ratio and not seasoning myself as a landlord for >2 years for taxes. I am looking to put down another $40-50k for another property with a conventional loan again.

My questions are this:

1) Is it true if you have a signed lease & produce taxable income on your Schedule E for the prior year you can have a lender account for 75% of your rental income against your DTI ratio when attempting to purchase a 2nd home?

2) Is it worth it to move out of my house & get a rental for myself for a few months to rent out my current house prior to attempting to purchase a 2nd home to reduce DTI and show proof of consistent income to make a lender more willing to give you a loan?

Thanks for any help with this!

Hello phoenix area,

I am looking for a CPA to help with my taxes for my house hack that I bought April of 2023. Does anyone have any recommendations? Thanks! 

Hello all, 

I am looking to house hack my 1st property in Phoenix, AZ. I am running the #s on properties and each one after I move out would have me Cash flow negative due to cost of houses right now in AZ and the current cost of rent. Of course, not everything is about cash flow, but if I want to repeat the process, I will still need to qualify for my 2nd loan. Anyone have suggestions on what is a good negative cash flow # or break even # as I'm putting in offers? Thanks!

 Thanks Lawrence, 

I appreciate the insight. Sounds like it is reasonable to be able to manage this on own without the stress of both my 9-5 and the house hack. I will be sure to keep all your input in mind!

 Ryan, 

Thank you for your input I really appreciate it. I will be sure to take advantage of that house hacking playlist you created. I am constantly searching through Spotify for good quality house hacking episodes. I will be sure to check those out!

Hello BP community, 

I am planning to buy my 1st house hack in the next couple of months. I have done some research on property management and software. I am planning to manage my 1st property by myself. However, I work a busy 9-5 job making it difficult for me to answering phone calls/texts/emails. Does anyone have suggestions on property management software for a house hack? I read about Hemlane, which seems great but expensive. Please let me know which services you all recommend! Thanks! 

Hello Bigger Pockets community

I am planning to buy my first property this winter in Phoenix. I am playing to live in the property with a rent by room strategy for a house-hack for the first year. Following the first year, I am planning to rent it out.

My question is: What are the pros/cons of buying a SFH vs. Townhouse for a house hack as a 1st time buyer and investment?

@Andrew McGuire

Yes I would prefer to not live in the same house as my renters, I would personally prefer something with my own private entrance. Converting a SFH into a duplex sounds like a good creative way to get in. So you see a lot of the convertible in those areas? Im not sure I want to deal with an HOA for one of my first properties. What areas do you see larger multi-families such as triplex & 4-plexes?

@Andrew McGuire What types of hacks do you see more frequently that you see would work? Are they multi-family properties or are they more SFH with a Casita? What parts of phoenix do you see most of these hacks as well?

Hello Phoenix BP, 

I am looking into house hacking in the next 6-8 months in Phoenix. I have some understanding of the area, but not a lot. After reading the forums, I am reading that it is hard to find Multi-family properties (Duplex, Triplex, 4-plex) in areas other than C class areas that will cash flow because they are expensive. Additionally, I am reading that there are zoning issues for renting out an ADU as a separate property from a SFH, which can make house hacking tricky.

I am curious if anyone has any experience house hacking in Phoenix and what strategy worked for you? Any info or insight is greatly appreciated!