All Forum Posts by: Kyle S.

If you get a new home every year to house hack do they look at your DTI every new loan they give you? If so I would assume a person would have to have a great job to keep getting loans or do they take the rental income a person is receiving into account to offset it?

Also, I wonder if a person could do a USDA loan as a house hack as I know most of those are 0% down. So do that and an FHA so 2 very cheap loans when it comes to the down payment required.

Lenders are back and forth on it! Right now if you can get a lease to sign for the property before you move out I have seen them include it. If not its normally 1 house behind. For example House 1 cant qualify you to house 2. But house 1 once you are out can help you get into house 3!

So, for house 1 and 2 your DTI would have to be enough to get loans on them both before any rental income from house 1 can be accounted for? That doesn't kick in until house 3? Wanted to make sure I understand.

Yeah. For example my lender cant use rental income in a house I live in to qualify for the next one. If youre able to keep your debt low outside of the house and earn decent income its normally not a huge killer. What state are you in?

I'm in Las Vegas but moving to Alabama at the end of the year.

0 Votes

Riverside, California

If so, I guess would have to make sure you have a lease before you move out which could be tricky.

0 Votes

Riverside, California

Quote from @Nicholas Coulter:

Quote from @Kyle S.:

Also, I wonder if a person could do a USDA loan as a house hack as I know most of those are 0% down. So do that and an FHA so 2 very cheap loans when it comes to the down payment required.

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Riverside, California

I agree with @Eliott Elias but also make sure it's a good cash flowing property.

2 Votes

Columbia, Maryland

Quote from @Ashley Marrazzo:

@Michael Key @Jonathan R McLaughlin @Bob Reinhard @JD Martin @Theresa Harris @Bob Reinhard Hey everyone! Thank you for all the responses and the advice. I have reached out to my lender and asked him to use the new student loan formula based on the deferment at .5%, as well as use the new projected market rent rates towards my income. My partner and I are going to do this together, unfortunately because of his credit he cant be on the loan yet, hence why i was trying to get a loan in just my name. Seems like the most logically way would be to wait until his credit is fixed so that i can include his income, we would have to wait another 6 months if not longer, we can save up more money in the mean time. Our gross income together is 120K, Still will only have my student loan debt, but higher income, there is also the chance that his credit still wont be great combined with mine.

Thanks again for everyones input im so glad that i have access to a resource like this and all your creative minds!

That might be good as personally have a feeling a lot will shake out in the next 6 months in most markets. I'm a huge fan of Ken McElroy on YouTube he owns thousands of rental units and he kind of said same thing on his show today. He thinks by February-March of next year a lot could change and some markets could go down a bunch in the next 6 months. Waiting 6 months could save you a ton of money depending in what market you're in.

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Cape Coral, Florida

Also, I wonder if a person could do a USDA loan as a house hack as I know most of those are 0% down. So do that and an FHA so 2 very cheap loans when it comes to the down payment required.

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Riverside, California

Have you thought about making it STR or mid-term rental? That might help it cash flow. Also, I believe HUD lists market rents for areas on their website. That might be another resource to see what it could/should get for rent. Another idea is asking a local property manager to see what they think. I've heard people talk about making homes sober living homes and ideas in that realm as it can really cash flow well. If it's going to be negative cash flow wise, I would do everything you can to find creative ideas to make it positive cash flow.

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Quote from @Jennipher Jess:

That was our first one, we've done two since. Now all our money is locked in equity. We just refinanced last year and are trying to figure out how to get started with this process. It's tricky when you don't really have any money down. Any suggestions?

What state are you doing these flips in?

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All Forum Posts by: Kyle S.

Kyle S. has started 3 posts and replied 62 times.

Post: Flips - Calculation offer price

Post: SFR Fix and Flip in Seattle, WA

Post: 2 Yr Househacker willing to answer any questions!

Post: 2 Yr Househacker willing to answer any questions!

Post: 2 Yr Househacker willing to answer any questions!

Post: I got 210k to invest

Post: Purchasing a rental property, bank won’t grant loan due to income

Post: 2 Yr Househacker willing to answer any questions!

Post: Need advice on first investment property

Post: First Home Flip Success