All Forum Posts by: Uju Okechukwu

Quote from @Allan Smith:

It's pretty simple. They give you the down payment (it will need to season in your checking acct at least 60 days or the bank won't let it be down payment money). You negotiate an interest rate with private lender. You make interest only payments (amortized is possible also but would be a big payment). In 2 - 5 years, whatever you 2 decide, balloon payment due. 

you can also buy the house and give half of ownership to uour private lender; and in that case you may not have to pay them until you sell it.

Thanks for replying, Allan!
Giving half ownership to my partner, wouldn’t that mean giving half of my cash flow also? In my my market, house hacking often produces $0 cash flow and sometimes negative of a small amount. In this situation, would giving half ownership still beneficial for them?

Quote from @Renee Harris:

What do you have in mind? Buying a house and renting it out? What's your plan?

I want to buy a triplex or quadplex, live in one unit and rent out the others. I have my mind set on the USC area. I work there so my commute will be a stone throw and parents of college students are less likely to default on rent payments, even during a recession.

I’m really eager to get into my first house hack but living in Los Angeles, even a 3.5% down payment is a lot of money to come up with especially for someone at my age and stage in life.

I know a couple individuals with that kind of cash in hand, interested in investing in real estate but I have no idea how to structure a partnership in a house hack deal. The cash flow goes anywhere from $0 to a little and sometimes might require some cash out of pocket every month.

If you’ve used this type of financing before, or you’re just a lot more knowledgeable than me in it, I would love to hear your thoughts/experiences 🙏🏾

Not enough capital/no capital at all. It’s not holding me back (nothing can), but it is making the process a little harder than most.

What’s the process like to become a section 8 landlord? Has anyone recently qualified?