All Forum Posts by: Matthew Kwan

You are right there is no right or wrong answers. It really comes down how bad do you need the liquidity to invest on other asset  portfolio class. However, if you can still invest or live out by your cashflow/savings, you should be patient and let your condo ride the appreciation wave to its max potential.@Carlos Valencia @Albert Bui

Welcome to the community Adriana! What are some ways/strategies that you're pursuing to start off you house hacking journey? Happy to connect! @Carlos Valencia @Albert Bui

It depends on how much will you be spending on your rehab. Also, what would be your anticipated rents after the rehab? However, buying a distress property and managing your rehab, it will definitely speed up your learning process. 

@Albert Bui @Carlos Valencia 

HI Sergio,

Are you in the process of getting preapproved? Typically lenders will lend 45%-50% of your monthly gross income

House hacking with FHA is the ideal way with min down payment. However, anything above 3-4 units you would also need to consider passing the Self Sufficient Rule (SS Rule) where your projected gross market rental at 75% has to be greater or equal to your monthly PITI. The SS rule only applies to 3-4 units when using FHA but if it's single family or duplex, it will not trigger the rule. As for conventional for single family residence, you can go as low as 5% down. As for 2-4 units you would be expected 10-25% down depending on the amount of units. However, the mortgage insurance are usually lower than FHA. @Albert Bui @Carlos Valencia

 Yes agree older properties will definitely have more headache. However, the other to view it by being optimistic, you will have more value to add and leverage to grind the seller. Pros and cons as always @Carlos Valencia @Albert Bui 

Doing a power wash once every year is the ideal way to assure your exterior is clean and represantable. The common areas (exterior) will definitely play into effect of attracting quality tenants. 

@Carlos Valencia @Albert Bui

If you are planning to use FHA for your 2nd house hack or moving out from your primary and to use the rental income, be aware of the 100 mile rule that would trigger. However, there ways approach it and not trigger the 100 mile rule. @Carlos Valencia @Albert Bui

Imagine if this was in King County, this might take 10x longer to kick the squatters out @Carlos Valencia @Albert Bui

HI Alberto,

It really all depends what your goals are on first house hack. FHA allows you to put less down payment for 1-4 units but there's usually a higher premium of mortgage insurance and an upfront fee that FHA requires borrowers to pay at closing or to be financed within the loan amount . As for conventional, usually it's 3-5% down payment for single family residence with a lower private mortgage insurance. However for multifamily houses, it will require min of 15-25% down payment for 2-4 units. There are multiple creative ways that you can pursue when it comes to house hack. You can message me and we can connect, I'll be happy to help.

@Albert Bui @Carlos Valencia

HI John, do you know what specific properties that you are planning to house hack? Single family residence or multifamily? Happy to connect and discuss any loan scenarios you might have. @Albert Bui