All Forum Posts by: Laura Dantel

I just closed on my first property (house hack) on 2/28. Kicking myself that I didn't wait a week since rates just dropped but it is what it is. If I were you, I would keep going if it was a good deal because we don't know what is going to happen at this point. I believe the severity of the impact depends on the area you are investing in. For example, due to the oil crisis, Texas is probably going to get hit harder than any other state.

@Kevin Paulk lol thanks but it is definitely impacting all the good deals 😩

I am late to this thread but it's right on time for me! I had the same issue trying to find a MF in Philly, cash investors are even calling the sellers to tell them to remove the listing from the MLS smh. Hopefully I will be closing on a SF in Brewerytown with an in-law suite (was an illegal duplex) next Friday. I will use the in-law suite as short term rental.

Hope everything is working out with your search @Nicho Pruett

My short term rentals will be a minimum of 30 days (month to month). My lender is also allowing me to refi out of the 203k into conventional once the project is 80% complete. So if I chose to do Airbnb, I would not have to worry about FHA rules.

I am using a 203k loan and plan on doing a house hack with short term rental for 2 of the bedrooms in the in-law suite.

From what I have researched, you should be able to cosign for the loan but you cannot apply for the loan yourself because you would have to live there. 

@Kevin Paulk very true! Just discussed at a local REIA meet about how NY investors are flocking down here.

Low taxes and many sections of Philadelphia are going through 'redevelopment'. 

@Joe P. thanks Joe! That makes a lot of sense. I have a few people I may can partner with so will post how that goes.

@Sheryl Sitman I found a property that I may be able to convert to a duplex but Philly zoning is a long and painful process, so I will revisit the idea as soon as the rehab starts.

@Nicky Lisewski thanks for the feedback! I actually ended up doing exactly what you said and found a property that was sitting for over 200 days! My closing is scheduled for 2/27 so hope all goes well =)