All Forum Posts by: Kathy Davis

THANK YOU SO MUCH JESS!!!!! FOR YOUR VALUABLE INPUT AND TAKING THE TIME TO RESPOND.  I TRULY APPRECIATE IT.

HELLO.  MY QUESTION IS WHEN HOUSE HACKING, DO YOU TELL TENANTS YOU ARE THE OWNER?  I;M WORKING ON PURCHASING MY 1ST MULTIFAMILY AND PLAN TO HOUSE HACK, AND USE A PROPERTY MANAGER, BUT I WAS WONDERING IF LETTING TENANTS KNOW YOU ARE THE OWNER IS A GOOD IDEA OR NOT.  I CAN SEE PROS AND CONS WITH DOING THAT.

PLEASE LET ME NOW YOUR EXPERIENCES AND THOUGHTS.  THANK YOU.

WHILE OWNING A FIRST RENTAL PROPERTY AND WANTING TO REFINANCE TO TAKE OUT EQUITY TO PURCHASE ANOTHER PROPERTY AND YOU DECIDE TO QUIT YOUR JOB [WHILE HAVING RENTAL INCOME COMING IN] WHAT IS THE CONSEQUENCE OF THIS? HOW DOES THAT IMPACT YOU FOR BORROWING IF YOU WANT TO REFI THE RENTAL PROPERTY AND BUY ANOTHER ONE - IS IT BETTER TO MAKE SURE YOU HAVE EMPLOYMENT INCOME COMING IN WHEN YOU ARE ONLY ON PURCHASING YOUR SECOND RENTAL PROPERTY?

IF SOMEONE CAN EXPLAIN HOW BORROWING/REFINANCING WORKS AFTER YOU DECIDE TO QUIT YOUR JOB, THAT WOULD BE GREAT.  I AM JUST NOT CLEAR IF IT IS ONLY BASED ON THE PROPERTY ITSELF - RENTAL INCOME PRODUCED, EQUITY/PROPERTY VALUE, ETC. VERSUS YOUR STREAMS OF INCOME, EMPLOYMENT BEING A BIG ONE.

THANK YOU,

KATHY

THANK YOU SO MUCH CLARENCE AND ANDREW FOR YOUR RESPONSE. I AM NEW TO THIS AND TRYING TO UNDERSTAND HOW THIS ALL WORKS. I SEE NOW IT IS THE "FHA" LOAN THAT IS THE ISSUE. I BELIEVE YOU ARE REQUIRED TO HAVE 25% DOWN FOR AN INVESTMENT LOAN. READING THESE INVESTING IN RENTAL PROPERTY BOOKS AND BOOKS ABOUT HOUSE HACKING THE ONES I HAVE READ DO NOT ADDRESS THIS ISSUE WITH FULL DISCLOSURE AND CLARITY. ALSO, THE EXAMPLES OF THE STATES WHERE VARIOUS TECHNIQUES CAN WORK FOR BEGINNERS MAY NOT BE POSSIBLE IN CALIFORNIA OR OTHER VERY HIGH PRICE STATES. I AM A WORK IN PROGRESS AND WILL CONTINUE TO EDUCATE MYSELF.

I DO HAVE ANOTHER QUESTIONS, ONCE YOU OBTAIN A LOAN AND YOU DECIDE TO QUIT YOUR JOB [WHILE HAVING RENTAL INCOME COMING IN] WHAT IS THE CONSEQUENCE OF THIS?  AND HOW DOES THAT IMPACT YOU IF YOU WANT TO REFI THE RENTAL PROPERTY AND BUY ANOTHER ONE - DO YOU HAVE TO MAKE SURE YOU HAVE EMPLOYMENT INCOME COMING IN?

THANK YOU,

KATHY

HELLO ELLIOT. THANK YOU FOR RESPONSE. WITH FHA YOU MUST LIVE IN PROPERTY. I AM STARTING WITH HOUSE HACKING. I WANT TO BUY MULTIFAMILY OUT OF STATE TO LIVE IN AS PRICE IN OTHER STATES ARE CHEEPER. THE CREDIT UNION DID NOT ASK ABOUT MY RESIDENCY. THEY SAID BUYING PROPERTY MUST BE WITHIN 60 MILES OF WORK PLACE.  THIS IS MY ISSUE.  IS THAT AN FHA REQUIREMENT OR IS THAT THE CREDIT UNION.  AND IF IT IS THE CREDIT UNION WILL ALL LENDERS REQUIRE THAT?  HOW CAN I BUY OUT OF STATE WITH THAT REQUIREMENT?

Hi All, am working on preapproval of FHA loan from credit union to buy my first multifamily. I am in Los Angeles county, California. The loan officer said need to buy property within 60 miles of where I work. Can anyone tell me if this is an FHA criteria? or is it the credit union. If it is FHA, how can we by multifamily out of state? What is a way around this?

Thank you in advance BP family.