All Forum Posts by: Jonathan Escobar

I'm planning on getting an FHA loan to house hack but I don't know what happens after a year. Do you get the same interest rates and payments after a year and you apply for a new FHA loan? Or do you have to refinance the house and pay 20% down on the first house in order to get a new FHA loan on the second house?

What is the difference between an FHA and FHA 203K

So I'm currently not working. I'm a full time student but I rent out my car and have done so for about a month which has given me around $350 using the app TURO. (Like air BNB). I'm saving that money and walking to school instead of driving. 

Because this is my first house, and it probably won't cash flow very much, if there is a correction, that would lower the rent and lower my passive income causing me to pay more on my mortgage. Then I would have to get a job and sacrifice some of my study time (I'm wanting to go into dental school) so should I just make sure that it cash flows once I move out and buy another house that hopefully cash flows more the next year?

I'm really considering buying my first house and house hacking it. I am currently a student at Brigham Young University in Provo Utah and other investors have told me that the market is very high right now. We have been in a bull market for about 10 years which has been the longest in history. If I'm planning on buying a house every 1-2 years, would this be a risky investment knowing that if the market corrects, then I could lose a lot of rent from tenants and then be stuck with paying more on my house. I know that you can't tell when there is going to be a correction, but what are the risks that I have to consider just in case that were to happen? 

I would have my dad co-sign with me to qualify for the FHA loan and I'm sure he would help out on the payments if the house lowers in rents. So I think there would be a low probability that i would ever default on the house... what are your thoughts? I've looked at the market here in Orem Utah which is where I want to be because it's close to Utah Valley University where the renting rules are more lenient than for BYU Students, and just from looking at the mortgages that I calculate, it would be very tough to find a rental property that I could live in and cash flow positively.