All Forum Posts by: Nick Riccio

@Mary Jay I would agree with @Charlie MacPherson. I'm surprised the loan was even approved with these conditions. It's definitely best to be proactive & honest, as it's a serious consequence that you could face if "caught". I would start having the conversation with lender about what happened & what you should do.

@Alex Ballesteros sounds like you have a good strategy in mind! I've done a very similar strategy here in Boston, and I'm in my third house hack. The key in my opinion to doing this in an expensive market is to prioritize value-add. I've done this through major renovations, and sounds like you're looking to do the same.

My only other piece of advice would be to be flexible. We always want to have a plan, but just know with real estate & mortgages, sometimes the plan doesn't work exactly how we envisioned. Just be flexible!

@Andrew Wickham as long as you have occupied your residence for at least 12 months, you'd be eligible to apply for an FHA loan. Of course, all being subject to your situation, but based on the info you provided it shouldn't be an issue.

Hi @Kevin Escobar I'd be happy to connect. I'm a lender & investor, and I'm licensed in all 50 states. We primarily work with investors/house hackers so I'd be happy to chat with you & see if we can help.

@Daniel Illescas Congrats on getting started! Expensive markets are more challenging, but I've found it the best way to get started. I've house hacked 3x, and all in the city of Boston which is one of the more expensive markets in the country. The reality is, I never would have been able to invest here if I didn't house hack. So, while it is definitely challenging, I believe it's worthwhile to pursue.

As for meeting your team; I would recommend you keep doing what you're doing. Network here, tell everyone you know what you're looking to do, and attend networking events. You want to find a team that specializes in what you are trying to do.

Hope this helps! 

@Benjamin Kleschinsky you have to reside in the property, that is the rule. You can rent bedrooms (or units if its a multi family), but the key is, you need to occupy the property.

@Sam Abraham when purchasing with FHA you have to intend to live in the property for 12 months. I'd read through your closing documents & get clarification prior to moving.

@Andre Taylor-Domville congrats on getting started and looking for the 2nd property! I've house hacked 3 times and work almost exclusively with house hackers, so this is an incredibly common issue we see all the time, unfortunately.

My thoughts would be - how long ago did you buy your first property? Property values have certainly increased. Did you renovate/can you make an updates to force equity?

Second, without knowing your market super well; could you look to acquire a single and add an ADU?

The equity piece is definitely the biggest hurdle, especially when buying "turn-key".

Wish you nothing but the best and certainly seems like you will find a way!!

Hi @Kelci Vaughn, congrats on getting started! You're absolutely right, this is a great first step. As a lender myself, I'd say one of the best things you can do is find a lender that you can trust, and work well with. Typically, the road for house hackers can be a bit long (although that seems to be improving a little bit), so you'll want someone you can lean on, especially being new.

@Scott Fournier Congratulations on getting started, especially at such a young age! You've already received some great responses, but I'll jump in as well. You definitely want to start with getting pre-approved. It's going to be very important for you, mainly due to the nature of your job & income as different loan programs will have different requirements, etc. I would start there and work with the lender to come up with a game plan to get you in your first investment! Here to help if you need it.