All Forum Posts by: Nick Longstreet

Hey everyone. I may have an opportunity to do a house hack on a property that has a 4 bed 2 bath house and a mobile home. The seller is also selling the property next to it which has a 1 bed 1 bath on it. He's combining them into one sale, which from what I've heard from a few different lenders, this would require two separate mortgages or a blanket mortgage for both, which they do not provide. I'm wanting to do an owner occupied conventional loan to be able to do a low down payment and a lower interest rate. Does anyone have experience with blanket mortgages, or have any advice on other options that maybe I'm overlooking? Thanks!

@Michael Dumler That makes a lot of sense. That's kind of the route that I figured would be best. Just nice to get opinions from others who might have some more experience. Thank you everyone!

@Nathan Gesner

@Theresa Harris

@Scott M.

@Michael Dumler thanks! That makes a lot of sense. I got a response from the seller in terms of the least agreement and he said they are on a year to year least that ends at the end of this month (Feb). So its likely that by the time we close, they're leases will be up.

Would you say it'd be better at that point to just let both end and start new being that their rent is so low currently? Then rent it out to someone new for market value?

Hey everyone.

I'm looking to buy a duplex in Knoxville, TN. I'm leaning toward house hacking it and would prefer to get an FHA loan for the lower up front down payment since it will be my primary residence.

Both units (3 bed 1.5 bath) are rented out for $800 in a market where rent is $1200-$1500. So I have a couple of questions:

1) Do I need to have cause for evicting the tenant out of one of the units (more than the cause that I want to live in it)?

2) With the tenants in the other unit, should I raise the rent to match market value? Or evict them as well and start new?

3) Am I even able to acquire an FHA loan if I'm unable to move in as soon as I purchase (thinking about the eviction timeline)?

Thanks!

@Justin Bergman yes I will most definitely have my hands full!

I'd love to connect and chat. Feel free to message whenever it works best for you!

Hey everyone! My wife and I moved to Walland, TN in August 2020. I've been wanting to get into real estate investing for a while now. We recently found out that we're going to be adding kids #2 and #3 (twins!) to our family this October, so I figured now was the best time to really dive into this and make it happen. I would love to network and meet people who have the same mindset and goals in regards to investing in real estate. I currently work for Richardson Construction out of Townsend and want to get into doing some flips and BRRRRs. If anyone needs help with anything and everything construction, let me know. I want to learn this business and make this a reality for my family and me. 

@George Blower this is very helpful information. Thank you!!

@Jeremy Aiello yea I'm saving as much as possible with the income I'm making now, but even then, It'll be another few years before I'd have a decent down payment for a house in my area. And I want to get started sooner than that. I've thought about borrowing on my 401k as well but it would really have to be a property that I was certain was going to cash flow well. Thanks for the thoughts and I will continue to look into these options.

@Kiera Underwood I live in the Grand Rapids, MI area. Most of the house hack-able houses in this area aren't very suitable for my family. And if they are, they're quite a bit outside of our price range. It was definitely a consideration but diving deeper into it revealed some pretty big cons to doing it.

@Jeff Cichocki those are some good options. I will dig deeper into them and see which ones would work best. Thanks for the advice!