All Forum Posts by: Nick H.

Its a house hack. SFH home with a ADU, the ADU has a current lease.

Hey BP,

Was wondering if anyone knows any good lenders for variable income.

my partner and I are trying to purchase a property. She’s on salary and I am not. We have a substantial amount to use for a down payment on the deal we’re trying to put together but my income is all over the place since I’m in the trades and my work is sometimes weather dependent. 

I need the rental income in order to help qualify for the duplex. I could buy a cheaper SFH based off income but I already own a SFH and want to start house hacking.

yeah so its listed as SFH with in law suite but the MLS fact sheet has it as two separate units, unit 1 on a lease for 1400 per month, unit 2 is currently being rented out on airbnb. and yeah i know what your saying I agree

 only 1. I feel silly for not talking to more now that you say it. 

Hey BP,

I am trying to make this deal work but right now my numbers are tight. 

The property I am looking at is a new construction side by side duplex, both units identical. For some reason it is not considered a legal duplex and instead is considered a SFH with a in law.

1 unit is renting for 1400/month which would be the deal maker in this situation however since its a in law my lender says they cant use this income to help me qualify for the FHA loan.

I'm really torn here, I love this house and really want to make this work. 

Hey BP, I am in a bit of a bind trying to pencil out my second deal.

I am trying to buy a new construction side by side duplex. both units are identical to one another however for whatever reason it is not a legal two unit and is qualified as a single family home with a in law apt/ ADU.

Because of this my lender is unable to use the $16,800 gross revenue that half of the duplex is producing each year in order to help me qualify for the loan.

I don't understand two things,

1. The house is a side by side duplex. both units are identical and both have separate entrances, separate meters, why wouldn't this be a legal 2 unit?

2. even if it cant be considered a legal two unit, why cant my lender use the income that's already there? The tenants are on a lease. 

I'm really hoping to make this deal work, the numbers are real tight with my DTI and stuff so I need to be able to use the rental income.

depending on a if your salary or hourly you may be able to get pre qualed on future income, you might need to get it in writing from your employer. This is what I did before however im in the military and was able to show my lender proof that I am advancing to my next pay grade and then he was able to go online and see my future salary since it is all public info. Definitely try to get a lender that is familiar with house hacking, you may have to shop around a bit but you should be able to find one that lets you use 75% of the rental income from the tenant units to help you qualify. Good luck man!

Hey BP,

So today out of the blue I decided I wanted to possibly make an offer on my neighbor's unfinished house, so I called my real estate agent and asked how that process would work since it would be an off market deal.

This house has been not lived in since I first bought my home in 2021, however it being roughly 10 feet away from my house i thought it would be a good short term rental opportunity since my house and neighbor's house are both on a lake in Maine. 

Long story short like really long story: My real estate agent found out that this house was actually built halfway over my property line. like completely halfway down the middle of the house. I will upload a picture so everyone can see what I was talking about. 

My agent thought that the setback of 10-20ft didn't look right and she ended up finding this and now I feel as though I am in weird position.  My neighbors house is not at all finished it has no water, no sewer, no electricity, no insulation, no drywall, and the siding is only half way complete. 

Has anyone here been in a situation like this, how would you proceed? I want to make this a positive gain for myself since I do feel as though it is sort of a violation of boundaries quite literally.

I want to consider maybe selling the sliver of land they would need to have the house to be on their property, buying the house, taxes?? Have I been over paying on taxes since I don't get to use a chunk of my land?

The red lines is my neighbor's property lines. I am in the house to the right of that.

Hey Bethany,

Could you add my name for the next meetup? Currently about to close on a heloc on my primary in sabattus and am looking to buy a multi in L/A in the upcoming months. Would love to get connected.

Vr,

Nick