All Forum Posts by: Kristin Caras

Thanks guys! Just to clarify the FHA 3.5% down was where the numbers didn't work, but 15-20% down the property has positive cash flow. I would like to occupy one of the units long term, so even if the deal isn't a total homerun, the house hack would pay off a good chunk of the mortgage which I can appreciate.

Thank you @Nicole Heasley Beitenman! Looks like even if I take the hit and don't collect rent from one unit for a year, I would still come out with less money out of pocket than putting an extra 10% down. Still have to work through the finances, but this is really helpful just to confirm! 

Thank you both! So if I am looking at a 15-20% conventional loan, would I need to evict one of the tenants to occupy one unit? Do I have any obligation on how long I need to live there before filling the unit again?

Hi all! Fairly basic question. I am looking at a two unit property that is fully rented, and can't make the numbers work using an FHA loan. I have the capital to put a little more down with a conventional loan (15-20%), but my mortgage lender is telling me that if I am not planning to live there, I would need to put down 25% for an investment style loan. Any ways around this?

I am interested in using this property to house hack down the line, but the property already has two long term tenants and I have no immediate need to move/no living expenses currently. Would love to let these tenants keep paying off the property for the next year or two if possible. Thanks! 

@Sudhanshu Singha thanks so much! I’m hoping to make due with a few small kitchen appliances in the basement, I got by with much less during college living in the dorms! I have family nearby if I ever needed to do some serious cooking. Thanks for the input, glad to know other people have been making this work!

@Ika Sargeant that’s a good point, thanks!

@Sam Deb @Warren Swede thanks to you both! I am familiar with house hacking and have been looking for the right opportunity for my area and think this may be best for where I am right now. As long as zoning wise I am ok, I think this could be a great solution. Thanks!

@Jeromy Jordan I agree with a lot of this feedback, buying could be a good opportunity to be a great landlord to these tenants who have had such a poor experience so far. Just be sure to make sure there is no liens on the property and have a reliable home inspector check the place out (maybe even go with the inspector and shadow him while he evaluates to ask questions and get another good look at the place). Hopefully you can use the inspection report to negotiate a good deal. Best of luck!

Hey everyone, hoping to gather some opinions on a potential rental property/house hack. I got a heads up from my agent that she has a property about to come on the market that is a SFH townhouse in a community that I've been interested in and has quite a few nice rentals in the neighborhood.

It is an end unit townhouse with a separate entrance to the finished basement that has a full bath. I would like to live in this basement “unit” for a bit while saving for another property and rent out the main townhouse upstairs, minus the basement.

Has anyone done anything similar? My main concern is if I would need a zoning change if I am renting to tenants and living there at the same time. However, I think this would be OK being that as the owner I would be the one in the basement and not renting it on two separate leases to two different groups of people if that makes sense. When I move out of this basement unit I would keep it as one unit, SFH rental.

(Just as an aside, I have definitely looked for true multi family homes, but there is a very limited supply in my area. I am continuing the search but am interested in making this property work as well. I’ve been in quite a few of these townhouse properties in this community and the basement is actually a good bit of space and when totally finished looks just like part of the main house, especially with its own entrance.)

Thanks in advance!

@Sylvia B. Thanks that is a really helpful list!