All Forum Posts by: Nazanin Boojar

Hi,

I recently moved to Alaska (currently renting in Fairbanks) and I am looking to purchase, and house-hack a property in the Anchorage area. I work a 2-week-on-2-week-off rotation as a geologist, and am therefore starting my search on condominiums (assuming they may be less of a maintenance issue to handle remotely while I am at work?). I am however open to other options, such as a SFH. I am just beginning my search and seeking any and all advice or tips from my fellow real estate investors! I have seen a few other househacking posts for Anchorage but nothing seemed tremendously recent and so I thought I would share my journey with you all here. Expect more to come as I post my updates. Thanks for being an awesome group of humans and I look forward to hear from you and potentially teaming up in the future!

Cheers and best, 

Colin

am considering purchasing a 3-unit property in my area and house hacking it with my family. Currently, I am renting in the Bay Area, CA and paying $2750/month for rent, not including utilities. The property I am interested in is a 3-unit property with 2 separate units in the main house and an ADU in the back of the property. The property is currently for sale for $1,050,000, and I plan to put as little down as possible, so I am considering an FHA loan with a 3.5% down payment.

Based on my calculations, the back unit should rent for $2600/month (2 bedrooms, 1 bathroom) and the ADU should rent for $2200/month (1 bedroom, 1 bathroom). The ADU can command a higher rent since it has its own garage and is very large.

Assuming my calculations are correct, my effective mortgage payment should be $7838/month. This includes principal and interest of $6091/month, home insurance of $233/month, PMI of $490/month, and property taxes of $1024/month. However, with the rental income factored in, my effective mortgage would be approximately $3000/month.

My current income is around $145k/year, and I've been told that FHA loans will use rental income towards your income to help you qualify. The property has been on and off the market, so I am thinking of offering less for the property. If the seller agrees, I can effectively get my mortgage payment to be the same as or less than my current rent and save money.

I would appreciate any thoughts and ideas from the experts on this forum. Is this a bad idea given that I'm not saving a significant amount of money with the house hacking situation?

Is the home just too expensive and interest rates too high for this to work? Also I would HAVE to break my current lease to move into this property if I was to purchase it. 

Thank you!

am considering purchasing a 3-unit property in my area and house hacking it with my family. Currently, I am renting in the Bay Area, CA and paying $2750/month for rent, not including utilities. The property I am interested in is a 3-unit property with 2 separate units in the main house and an ADU in the back of the property. The property is currently for sale for $1,050,000, and I plan to put as little down as possible, so I am considering an FHA loan with a 3.5% down payment.

Based on my calculations, the back unit should rent for $2600/month (2 bedrooms, 1 bathroom) and the ADU should rent for $2200/month (1 bedroom, 1 bathroom). The ADU can command a higher rent since it has its own garage and is very large.

Assuming my calculations are correct, my effective mortgage payment should be $7838/month. This includes principal and interest of $6091/month, home insurance of $233/month, PMI of $490/month, and property taxes of $1024/month. However, with the rental income factored in, my effective mortgage would be approximately $3000/month.

My current income is around $145k/year, and I've been told that FHA loans will use rental income towards your income to help you qualify. The property has been on and off the market, so I am thinking of offering less for the property. If the seller agrees, I can effectively get my mortgage payment to be the same as or less than my current rent and save money.

I would appreciate any thoughts and ideas from the experts on this forum. Is this a bad idea given that I'm not saving a significant amount of money with the house hacking situation?

Is the home just too expensive and interest rates too high for this to work? Also I would HAVE to break my current lease to move into this property if I was to purchase it. 

Thank you!

 Why don't you get a house in the right location to put it on Airbnb and rent your own unit around where you work?

If you find the right property, it would pay off the mortgage payments and other expenses.

Hi, I am currently starting the process of looking into the Greenville, SC market for a home to live in and rent out the other rooms to other younger professionals. Move-in would be in August and have it ideally in the 200-400k range with the potential to make minor upgrades. I would like to be within 10 minutes of downtown Greenville where my work will be but do not have much knowledge of the demographics of all of the neighborhoods in the area. I would like to find a realtor who has experience within the market and could offer advice on what my best options might be. Let me know if anyone knows anyone who could help. Thanks!

Hello everyone, 

My wife and I are looking to get our first home as a house hack in NJ. Our goal is to live in it for 1-3 years and resell. I'm also interested in looking into getting an investment property outside of NJ (Houston area) this same year and hold it as a long term investment after we get our house hacking home. Not sure how much of this is possible to do in one year, especially as new investors. Having some trouble on where to begin and what to consider. Also unclear how likely I would get pre-approved for an investment loan once I settle in our "primary residence" as a house hack. I would appreciate any feedback. Open to hear what some local agents have to say or know. Thank you

Hello, I’m living out in the charlotte area. My roommate and I have our lease up in the middle of July. I’ve expressed interest in looking for a place to house hack. Not sure what resources I should use to make sure the property is profitable and also not sure if my timeframe is realistic as well. Open to other ways of accomplishing the task and helpful hints on where I should start analyzing. Ideally looking for small multi family properties but single resident houses is an option as well. Thanks!

Hello everyone,

I've been spending a lot of time on Biggerpockets and listening to as many real estate podcasts as possible everyday. 

 I'm an 18-year-old aspiring real estate investor, I've been working for a little over a year now at a real estate office learning everything I can from the people around me.

 I'm currently looking for my first house hack, and because of my age, I am open to move to whichever state has the best landlord friendly laws and highest cash flow/appreciation.

My criteria is triplex/quadplex and up to $700k 

What markets can you guys recommend. Any feedback or advice is greatly appreciated.  

Thank you in advance for your help!

 I found the article that speaks to this but I do not think it is current. This was written in 01/23/2019

https://www.bdblaw.com/5-quest...