All Forum Posts by: Lamar Jean

Hey @Tim Herman I am in central Florida, I've never her of a 5% conventional owner occupied. I've heard 20-25%. But if i can get a conventional owner occupied, how long would I have to live there?

0 Votes

Hello everyone, so I've been house hacking for a year, and i plan on getting a second property soon and the problem is, i can have one fha loan at a time, so i plan on refinancing to free up the fha loan. My question is, should I go conventional or fha streamline refinance? Since i don't have 20% equity in the home yet, i plan on paying the down payment. Can i get another fha loan after an fha streamline refinance? Or should I go conventional?

Thank you.

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@Lisa Irimata : The thing is, i don't think I'm allowed to get another FHA loan as long as i still have the current one. I think my only only is to refinance out of the fha but that would 20% down. Are there any other options?

Originally posted by @Lisa Irimata:

Originally posted by @Lamar Jean:

After house hacking for a year, how do one get a second property to house hack?

I am exactly in this situation right now. I've been at my current residence for 1 year and am looking at moving to another house within the next few months. My understanding is that the biggest issue for getting approved for a loan (assuming you're not just paying all cash) is proving that you'll actually use the second property as your primary residence and that you can afford a second mortgage. I claimed my current house hack as rental income on my 2018 taxes and according to the lender I'm working with, this will make it easier to prove that my current residence will be transferred to a full rental.

Another few points of what I'm planning on doing in case you have any other questions (I'm sure this will change): I'm doing a direct mail campaign and am planning to finance with either conventional or FHA. I'm trying to do a light live in flip (cosmetic rehab) so I'm looking at 203K and other rehab-related loans.

Sorry I can't give more specific details but this is what I've learned so far, so hopefully it's helpfull

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After house hacking for a year, how do one get a second property to house hack?

17 Votes

Thanks for the replies. I wanted a multifamily to start out but couldn't find any in my area in my price range, so i ended up with a single family which I'm house hacking. 9 months later. Now i have a better job, and I'm thinking i can go back to the bank and say i want to get another property? I've read that you can't have more than one FHA loan. How do i go about getting the second property? Thanks.

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Hello everyone, I'm from central Florida and I'm looking to start wholesaling and don't know where to start. I've watched countless of videos and need help.

1 Vote

So I'm getting ready to close on my first investment property, single family with FHA, which i will be househacking. My question is: How do i acquire my second property after the 1 year occupancy period?

1 Vote

All Forum Posts by: Lamar Jean

Lamar Jean has started 3 posts and replied 7 times.

Post: Getting Second property with fha

Post: Getting Second property with fha

Post: House Hacking Research #2- Ask/Answer any House Hacking Question!

Post: House Hacking Research #2- Ask/Answer any House Hacking Question!

Post: Getting Second investment property

Post: How to wholesale step by step

Post: Getting Second investment property