All Forum Posts by: Tucker Kincaid

For a starter property, house hacking is always one of the first recommended routes used on BP. This was my original plan and have gotten pre-approved for an FHA loan. But I was not aware of the MI and how high they can get with a 3.5% down payment.

What are the solutions have you guys found to combat this?

@Jack B.

I agree. I have thought about the options and hear many BP podcast interviewees share they would have gone bigger earlier. But, basically everyone they ask that to started small, gained the knowledge and confidence, and equity to go for bigger. And I’ve heard Brandon share the bigger/better the deal, the faster you obtain you’re goals. But he also stresses this is t a get rich quick strategy.

A selling finance would be the best move. It’s about finding it now. Thanks!

@Jack B.

Hey Jack, it’s awesome you’re so willing to help others attain their goals.

My question is about loans. I'm looking to house hack a duplex, triplex, or 4plex. Because the price ranges from around 300k-750k I want to be prepared with being pre-approved for an FHA loan. Owner from the lenders I've spoken with, I will only be qualified for a Max of around 450k. I want to do this deal without partners to maximize cash flow and gain personal experience before using other people's money.

Am I stuck with limiting my choices to 450k and below?

@AJ H. Thanks for responding. I have. My goal is to learn how to use my own money before I am trusted with others. I have partners who are building equity for future deals.

I have a SFH I could do a selling finance but it has loyal tenants.

My goal is to find a duplex or triplex to house hack. Because of the market it is may be hard to selling finance a duplex.

I’m moving back to the area I plan to invest in in a few months and am going to send letters and drive for dollars to find the property I want.

And because I want to put as little down with the best return the FHA makes sense for me. Finding a lender that will lend up to 700k may be a road block. I know I can get pre-approved for around 400k

Hello BP,

I am planning to house hack in Boone, NC in the next 6 months and am in the process of getting pre-approved for a FHA or 203k FHA loan and a 3.5 percent down payment. My goal is a duplex or triplex. The prices for these types of properties is between 350k-700k. This is my first loan and many of the lenders I've spoken to share that I will most likely not qualify for a loan above 450k.

What are your recommendations to get a loan with an annual salary of around 50k?

@Salvatore Lentini

Thank you for your post and willingness to help others.

Currently only been employed for less than a year out of college. Want to get into rentals as soon as possible. What’s stopping me is the financing and getting my first loan. The goal is find deals and get partners for financing the deal.

Also trying to work through what market I want to get into. But financing is definitely the thing stopping me right now.

@David Lee Hall, III

Thank you for the reply. The loan will be in my name and my partners will be helping with the down payment and renovation costs.

Hey BP, I am a new RE investor. Currently house hacking and am looking at my next purchase. Because of my financial state I'm going in with partners. They think it essential to start an LLC.

What are your thoughts? Thank you

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