All Forum Posts by: Michael Solomon

Shawn, I'm in a similar boat debating whether to rent or house hack.

First things first. For the FHA loan. Are you able to cover both downpayment and closing costs, having the seller pay a portion, or are you using downpayment assistance? This would raise your interest rate if needing assistance therefore driving up the mortgage.

Second, depending on your purchase price and interest rate the best I've seen from running numbers is getting a little less than half(40-45%) the mortgage from tenant rent. (This is from using downpayment assistance)

Also you will need reserves to cover anything that could happen. You could force appreciation to make your numbers better as well. 

How far out are you willing to go to get the numbers you want?

Hope this helps some. 

Thank y'all. @Tom Blake @Jason Perkins

Anybody else have a problem sending messages?  After I type a word it erases it everytime. 

Great information, thanks for the topic. @Patrick DiDomenico

 Ok, I will. 

 That's a great area! I was just over there a few weeks ago. 

Thanks Aaron. Do you happen to be knowledgeable with FHA loans as well?

@nicole heasley thank you. I will check with other lenders as well. 

I was talking to my lender yesterday about refinancing out of my Fha loan after I buy my first multifamily property to a conventional loan. So that I can use the fha loan again to finance my next purchase. He tells me that I won't be able to use an fha loan again on a property within 40 miles of each other. I haven't found any evidence of this. 

Has anyone else heard of this rule?

Any help is appreciated, thank you. 

 Nice! What area are you searching in?

Thank y'all, can't wait to connect with like minds here.