All Forum Posts by: Katherine Serrell

BIGGEST MISTAKE I MADE was renting to friends and long-term roommates instead of on Airbnb. Once I listed bedrooms on Airbnb I doubled my cashflow (even after expenses). Also, make sure you REPORT YOUR RENTAL INCOME on your tax returns so you will qualify to buy another househack in a year or two (and to not go to jail for tax evasion lol). Even though I am an accountant, I use Matt Lents as my CPA, he is based out of Jacksonville and is active in the investor community. 

I did my first BRRR in Jacksonville. Its a great market to be in and to invest in. Congrats and good luck! If I can help in anyway please let me know.

If you can swing it, I would 110% try and go the Airbnb route. I make twice as much househacking that way than I would with furnished finder, mid-term rentals or long-term rentals. Two bedrooms in my 1,050 sq ft Raleigh home (I live in the 3rd bedroom) make me around 3500-4000/month and my mortgage (PITI) is just $2,049.

For starters, you can find a lender that will allow you to go above that 70% of rental income. If you can shop around and get a lower interest rate that will lower your monthly payment that would help alleviate your risk of not qualifying.

1) I am in NC so cant speak for CA

2) I would 110% go with an FHA loan instead of a jumbo loan. Rates are lower, down payment is lower, can leverage your remaining cash on hand to buy other properties after the fact

3) DSCR loans are commercial loans so you would have to buy it with an LLC and wouldnt be able to owner-occupy it unless you rented from your LLC and lenders often dont like this (from what I have heard at least) plus 25% down on a multifam is A LOT more than 5% down and you would likely be able to leverage that amount of cash better elsewhere if you can swing a 3.5%-5% down FHA

A work-around is if you have roommates/short term rental/midterm rental tenants just get a P.O. box but keep their primary residence the same. I have househacked with multiple travel nurses and this is what they did. Makes it easier on everyone. Just my two cents though. 

Hi Shivani! I have househacked without having a job before and got my loan to go through underwriting just fine. Happy to connect and share what worked for me

Id make sure the seller transfers the security deposit and get signatures etc to show your tenant chain of custody incase anything comes up. I would ask the seller to send proof that rent payments are current. Lastly, I know people who househack multifam's that never tell the other tenants that they are the landlords just to maintain clearer boundaries. I househack and have never taken that route but might be something to consider.

North Carolina is a really hot market to invest in and is still on the upswing. I live in Raleigh and all of of the surrounding counties (Wake, Durham, Johnston, etc) are hot. Apple, Google, Xerox, Fuji film, and Meta are all coming into the area. 5k people a month move to the area which has created a housing shortage, rent spikes, major appreciation (not just due to inflation) and you can still find single family homes for sale on the MLS in good condition for ~250k+ Tenant-landlord laws are landlord-friendly and taxes are low. The Triad (Greensboro, Winston Salem) and Charlotte/surrounding areas are also good and have good units for less than 250k. I have lived in or around Raleigh most of my life. Happy to connect, answer questions, and help in anyway I can.

North Carolina is a really hot market to invest in and is still on the upswing. I live in Raleigh and all of of the surrounding counties (Wake, Durham, Johnston, etc) are hot. Apple, Google, Xerox, Fuji film, and Meta are all coming into the area. 5k people a month move to the area which has created a housing shortage, rent spikes, major appreciation (not just due to inflation) and you can still find single family homes for sale on the MLS in good condition for ~250k+ Tenant-landlord laws are landlord-friendly and taxes are low. The Triad (Greensboro, Winston Salem) and Charlotte/surrounding areas are also good and have good units for less than 250k. I have lived in or around Raleigh most of my life. Happy to connect, answer questions, and help in anyway I can.

North Carolina is still booming. I live in Raleigh and all of of the surrounding counties (Wake, Durham, Johnston, etc) are hot. Apple, Google, Xerox, Fuji film, and Meta are all coming into the area. 5k people a month move to the area which has created a housing shortage, rent spikes, major appreciation (not just due to inflation) and you can still find single family homes for sale on the MLS in good condition for ~250k+ Tenant-landlord laws are landlord-friendly and taxes are low. The Triad (Greensboro, Winston Salem) and Charlotte/surrounding areas are also good. I have lived in or around Raleigh most of my life. Happy to connect, answer questions, and help in anyway I can.

Hi Spencer - I am an investor in NC and a local lender. Id love to connect and help in anyway I can.