All Forum Posts by: Kyle Deutschmann

@Austin C Mulholland hey Austin, you can definitely do a 2 unit using FHA if you plan on living in the property. Im currently house hacking in Nashville, and despite what everyone says its still possible to successfully house hack in this market. Happy to chat sometime about it if youd like, and could certainly refer you to another agent if youd like any suggestions. Best of luck, Kyle

@Jennifer Olson hey Jennifer, welcome to BP! There are several books published by biggerpockets that cover both topics in depth. I got started by house hacking personally, as I found it to be the easiest way to get started since you can use a low money down loan and very quickly eliminate yourl housing expense, build equity, and gain experience landlording at a property where you dont have to go anywhere to manage it. Would be happy to chat sometime if theres anything I can help with. Best of luck!

@Emily Hill hey Emily, I work for a highly rated mortgage lender in Franklin, TN and live in West Nashville. Would be happy to chat sometime if theres anything I can help with. Best of luck! Kyle

Hey John, let me send you a DM to answer the rest of these and to connect you with my Realtor referrals in that area

@John White hey John, you shouldnt have a problem using the HELOC as a downpayment, but the added monthly payment will have to be included in your debt-to-income ratio. You likely wont be able to use the expected rent from the Florida home, but if your NY property has been rented for the past two years then you could use that income in addition to your W2 income (if its even needed since you have a great salary to begin with), although will your current W2 job allow you to transfer or work remotely from Maryland or will you be switching jobs? Also what part of Maryland are you moving to? I grew up there and know several great Realtors if you need a referral

@Michael Skvorak hey Michael, you can count me in for sure!

@Mason Jeffries hey Mason, first off you guys have picked an awesome new city to move to! In regards to buying a a new home here, you'll need to have a source of income to qualify since any lender will have to verify your "ability to repay" the loan based on your current income. If you are both employed now, it might make sense to purchase a property as your "second home" and then you could always refinance as a primary residence in the future. Or you could rent an apartment short term so you can get moved here and then purchase a primary once youre out here. Many apartments will allow dogs but they usually will require a pet deposit and/or pet rent. If you guys need a Realtor recommendation to help you find your new home let me know!

Best of luck,

Kyle

@Brian Harker hey Brian, if youre able to make it cash flow by refinancing then I think thats a great strategy. Most investors I work with like to stretch out the loan term to maximize cash flow, but if youre concerned with paying more in interest (even though your tenants will essentially be paying the interest) you could certainly look at a shorter loan term, as long as it doesnt cause the property not to cash flow. Also you should take into consideration when you are planning on moving - if youre willing to stay in the property for a year you could refinance as an owner occupant and take advantage of lower rates vs. rates for a non-owner occupied property. Best of luck, Kyle

@Asia Bacus hey Asia, welcome to BP! I live over in Nashville and also got started by house hacking, which I definitely think is the easiest way to get started. Would be happy to connect sometime if theres anything I can help with. Best of luck, Kyle

@Andrew Miller hey Andrew, would you consider living in the property for a year/house hacking? There are several low down payment options if youre willing to buy as an owner-occupant, otherwise youre likely looking at a min of 15% down for a non-owner occupied property