All Forum Posts by: Oliver Martinez

I’m about to move into a triplex I just bought as an owner-occupant — I’ll be living in one unit and renting out the other two.

This might sound like a small detail, but I’ve been thinking a lot about how to handle tenant interactions now that I’ll be living in the building:

• Did you let your tenants know you’re the owner?

• Or did you present yourself more as a property manager/representative to keep it professional and protect boundaries?

I’d love to hear how other house hackers navigated this.

Also — curious how you handled rent collection and expenses:

• Did you set up a separate checking or HYSA just for the property?

• How did you keep things clean for taxes and budgeting without it getting messy with your personal finances?

I want to start off on the right foot but also not overcomplicate things.

Would appreciate any lessons or best practices from folks who’ve been through it

Hey everyone,

I’m a 24-year-old first-time homebuyer and I’m under contract (or close to it) for a 3-unit multifamily in Philly. I'm planning to live in one of the units and rent the other two — classic house hack strategy. I'm going FHA, and my credit score is over 725 with a $90k salary. I have about $45k in liquid savings.

Here’s my issue: I’ve found that many first-time homebuyer programs and grants are for 1–2 unit properties only, even if you're an owner-occupant. A few allow 3–4 units but still have restrictions or aren't compatible with FHA.

Has anyone here gotten down payment or closing cost assistance on a 3 or 4 unit property using FHA while living in one unit? Specifically in Philadelphia (or PA in general), but even if you’re in another state and pulled it off — I’d love to hear how you did it.

Would also appreciate recommendations on lenders or programs that worked for you, or even strategies (like seller assist stacking, rate buydowns, etc). This deal has potential, but I want to make sure I’m not leaving money on the table.

Thanks in advance

Quote from @Michael Smythe:

@Mario Rodriguez we have a lot of out-of-country and out-of-state clients investing in Detroit area.

If you can find the right team it goes well.

The challenge is finding that team, otherwise you'll get ripped off and lose most your money.

PM us for more info if interested.

 

I am a brand new investor, looking to dive into the Section 8 game in Detroit. I have a handful of properties I have found, all 75k and under. I understand it can be very difficult to get a mortgage for that low, i was wondering if anyone in here can help me out! I had previously had a lender offering 15% down but he is not licensed in MI, I was previously looking in AL.

Quote from @James Wise:

Quote from @Mario Rodriguez:

Hi,

I saw some gurus offer classes to invest in out of state section 8 rentals. Also, I read Greene’s and Turner’s book to invest out of state. Though it sounds straightforward to hire a PM and get the property rented, for some reason it gives me cold feet. Is this doable and great or have you experienced a headache?

Best,

Mario

 Welcome aboard big dawg.

I am a brand new investor, looking to dive into the Section 8 game in Detroit. I have a handful of properties I have found, all 75k and under. I understand it can be very difficult to get a mortgage for that low, i was wondering if anyone in here can help me out! I had previously had a lender offering 15% down but he is not licensed in MI, I was previously looking in AL.

Quote from @Michael Smythe:

@Oliver Martinez S8 Housing Commissions typically pay on time.

Once a year maybe, someone makes a mistake and there are delays.

 

I am a brand new investor, looking to dive into the Section 8 game in Detroit. I have a handful of properties I have found, all 75k and under. I understand it can be very difficult to get a mortgage for that low, i was wondering if anyone in here can help me out! I had previously had a lender offering 15% down but he is not licensed in MI, I was previously looking in AL.

Quote from @Maureen McCann:

Hi Mario,  Investing out of state is very doable. There are turnkey companies in the US that provide investors a completely renovated and tenanted property.  I am happy to direct you to the reputable companies. DM me and I will give you the scoop.  

Cheers!

I am a brand new investor, looking to dive into the Section 8 game in Detroit. I have a handful of properties I have found, all 75k and under. I understand it can be very difficult to get a mortgage for that low, i was wondering if anyone in here can help me out! I had previously had a lender offering 15% down but he is not licensed in MI, I was previously looking in AL.

Quote from @Alyssa Wright:

You should be 100% fine as long as you do the proper research into your agents, pm's, etc... Most of the investors that other agents I work with are out-of-state and they've had no problems on either end! 

I am a brand new investor, looking to dive into the Section 8 game in Detroit. I have a handful of properties I have found, all 75k and under. I understand it can be very difficult to get a mortgage for that low, i was wondering if anyone in here can help me out! I had previously had a lender offering 15% down but he is not licensed in MI, I was previously looking in AL.

Quote from @Samuel Diouf:

Yes this strategy works great especially if the numbers don't work locally. There are a lot of investors doing this successfully in Ohio! 

You just need to pick your market and develop your core 4 team. The core 4 consists of a realtor, contractor, property manager, and a lender. Once you have this team in place, you should have the foundation to invest in any market confidently while not being there physically.

I am a brand new investor, looking to dive into the Section 8 game in Detroit. I have a handful of properties I have found, all 75k and under. I understand it can be very difficult to get a mortgage for that low, i was wondering if anyone in here can help me out! I had previously had a lender offering 15% down but he is not licensed in MI, I was previously looking in AL.

Greetings all! I am a brand new investor, looking to dive into the Section 8 game in Detroit. I have a handful of properties I have found, all 75k and under. I understand it can be very difficult to get a mortgage for that low, i was wondering if anyone in here can help me out! I had previously had a lender offering 15% down but he is not licensed in MI, I was previously looking in AL. 

Quote from @Travis Biziorek:

Hey John, happy to help if I can. I own 12-doors in Detroit and 3 of those are rented to section 8 tenants.

The best areas for S8 tend to be C Class neighborhoods. If you go into A/B Class the rents are going to be too high to justify doing section 8, meaning market rents are higher than Section 8 is able to pay.

If you go down to D Class areas you're going to attract terrible tenants and it will be a nightmare.

 How do you know if a neighborhood is C class as an out of state investor?