All Forum Posts by: Sierra Swords

Hi! Do any portfolio lenders do the 3-5% owner occupant loans, or avoid them since they keep loans in house?

Thanks for any info!

Sierra

Hello! I was really hoping to buy another property this year but it's tough with high prices as well as a significant decrease in income from my bartending job with people staying home. I have about 30k in my savings account (interest only 0.30%APY). If I expect not to need it for 1-2 years, what are my best options? Just a higher yield savings account, or could I act as a hard money lender for a 1-2 year period? Is that amount too small? What kinds of returns could I get? Thanks for any input!

Best,

Sierra Swords

Isn't it only free for the first few, and then you have to pay a monthly subscription? 

Hello! I just bought my first property, a duplex in my hometown of Westfield MA (close to both CT border and Springfield MA) in February. I currently live in NJ so I would love to talk over zoom with people in that area. Looking to buy another soon!

Best,

Sierra

Hello! 

I am curious about rules for house-hacking a 4 unit multi-family. I want to buy a 4-unit in my hometown (I am four hours away) for my sister to live in one unit. She would be the owner occupant. I would be a 'coborrower'. As the co-borrower, can I put all the money down and use my DTI to qualify? She has no W2 income and no savings. Is this even possible?

Thanks for any guidance! I have an email in to a lender but I know there are lots of lenders here that could probably answer faster!

Best,

Sierra Swords

Hello! 

I bought my first property in February and am hungry for another. I am looking to owner occupy, put 3.5% down on a two-unit, but in order to be approved I know I will need the rental income (75% of estimated) to offset the mortgage. How then, can I be 'pre-approved' to even go see a property when the rental income isn't estimated 'officially' until the appraisal is done? 

Hello! 

I am looking to buy my second multi-family property as a house hack, I live in New Brunswick NJ but would like to buy outside of NB. I'm looking in the readington township, flemington or bound brook NJ areas. Does anyone have an investor-friendly agent they can recommend?

Thanks for any assistance! 

Sierra 

Okay thanks guys! I didn't really think it was possible, but was listening to the new Real Estate Rookie podcast this morning. The guy was saying he put 20% down on a duplex "even though he had the option to put so much less". I posted while listening. Later in the episode he commented on how he was actually owner occupying. He had left that detail out for a while, while talking about the deal. I didn't know if there was something I was missing!

Hi All! I am a 25 year old new investor who just purchased her first duplex out of state a month ago. I am looking for ways to buy another with less than 20% down? Can you get any kind of conventional loan, not owner occupied, for less than 20%? are there certain banks that might do it, even if it's hard to find? The area I currently live in doesn't make sense to buy in (central NJ) so I bought my first in my hometown of Westfield MA, where I have my dad to manage on-site issues, while I rent here in NJ. Owner occupying in NJ isn't really an option (though I know it would allow me low money down), but again, returns are so poor here. 

Any suggestions are welcome! Thanks!

This is the part where I think I'm missing something. The duplex I just bought is going to hurt my DTI, I think.

Expected rent: 2,300/month

expenses: 1268/month (mortgage, property taxes, insurance)

(I know this is oversimplified, need to decrease expected rent for vacancy)

DTI on this property would be 55%. If I keep adding more deals with these kinds of incomes and expenses, the only way to combat this would be to increase my salaried income?