All Forum Posts by: Samuel Michael Koscher

So i've never purchased a home before. I was wondering if I could get a FHA loan on a property that already has an occupied tenant living in the property. Plus it's under lease for another year and a half

0 Votes

Quote from @Ryan Thomson:

@Samuel Michael Koscher most lenders will not allow you to count the rent of a tenant in the same unit as you as income to help you qualify. If you got a multifamily you could use the market rent for the other units to help you qualify for the whole property.

Other ways to qualify would be getting a cosigner or getting a partner.

So even if the units are not occupied they will still offer me the loan. It might take a little bit of time to occupy the other unit. I would live in one of them

1 Vote

Saint Louis, Missouri

Quote from @Jevon Shaw:

Hey Samuel. This will depend on a number of factors including but not limited whether it's a SFH vs a small multifamily and the condition of the property. Do you already have a property in mind? If so, can you give us a little more info on it?

It's A small Multi-family property. It's listed around 350k. It's roughly 40 years old. somewhat updated. not sure on the exterior of the home. I would be a first time home buyer so I was going to use that type of loan. I was wondering if I could get that loan right now with Interest rates almost touching 7%

0 Votes

Saint Louis, Missouri

Hello, my name is Sam. I have a few questions regarding house hacking. Wanted to get my first property as soon as I can and house hacking is the best way to do it. Will a lender give me a loan even though on paper I don't make enough yearly to afford the loan if I rent out the other unit? Like if there is currently no tenant will they still give it to me

Thanks

1 Vote

Saint Louis, Missouri

I Just had a few questions regarding house hacking. I'm trying to get into the real estate business. House hacking I feel like is the best way to start. Will a lender give me a big enough loan even though on paper I couldn't realistically afford it, If I use the other side as a rental. If there is no tenants currently living in the unit will they still supply me with the loan

Thanks

0 Votes

Saint Louis, Missouri

All Forum Posts by: Samuel Michael Koscher

Samuel Michael Koscher has started 3 posts and replied 5 times.

Post: Odd rental question

Post: 1st time House hacking

Post: 1st time House hacking

Post: 1st time House hacking

Post: House Hacking St. louis