All Forum Posts by: Terrell Owens

I'm currently trying to become a first time home buyer and I'm extremely interested in "House Hacking." The concept that I could have a multi-family unit household and live in one unit is a desirable outcome.

However, I was speaking to one mortgage lender and I was told that because I'll be renting out one unit, the conventional loan would be 20% and I was told it would be the same thing if it was an FHA loan.

Is it just that mortgage lender or am I not understanding how this works?

Should I speak with a bank instead? Do I have to live in this property for a year without renting it out and then I could? I am confused

Rhode Island area

Hello

24 years of age and my gross income is around 50K annually and I plan on using a conventional loan, I thought possiblly 3.5%-5% on an down payment.

I have about $15,000 that I wanted to use on a Duplex and I have a few $1000s for closing close and other needs.

However I'm worried. Between a single and Duplex, within my price range (300k) the duplexes aren't in the best condition compared to single family homes, I haven't been viewing the market for that long but from what I see now, I think "I want to renovate." In order to get my best chances to rent out the other unit(Most likey living in the other one).

Is my best option just to save more for my down payment, possibly a price range of 250k(which will be hard for a duplex) or perhaps my problem is that I assume I'll have a vacant for a long period of time, which it's possible but I think the more someone puts off something, the unlikely chance that they'll commit to it.

I also do plan to get my real estate license (currently studying, Massachusetts area) and I understand I probably won't get rich from it early on but being able to add to my down payment without waiting two weeks for a check from my hourly wage would be helpful, so should I wait for that?

Any advice would be appreciated.

@Anthony Thompson

Best advice possible, I really thank you for the insight. I'll be checking that out now

@Philip Moon

Thank you, I'll be reaching out!

Hello,

I am 24 years of age and I currently been thinking about my first rental property and I'm going through my options.

I work full-time as a Leasing and Marketing associate and my gross income is around 50K a year, I live with my parents and I have $0 debt. have been looking at "Conventional loans" a lot today and I'm interested in housing around the Rhode Island area, beside Massachusetts.

I think a duplex is ideal even if I don't live in one of the units. Within my circumstances, what should I be looking for in terms of housing? Cost, agents and etc.

Thank you in advance.