All Forum Posts by: Valerie King

Thanks Jeff. I wouldn't rent out the unit that was supposed to be mine. 

I want to house hack, mainly because I want the financing that comes with owner occupancy.

But I really don't need to live in the house. I live with my mom rent free and am in no rush to move out. (She's, of course, happy to have me). So what if I buy a multifamily and use it as my address for a year to satisfy the loan requirements while staying with my mom? Then, in a year, I could fill out the unit that I "was living in," right? (I'm seeing better deals in places that are quite a bit farther from my job and where I personally want to live)

Has anyone else done this? How did it work out? Does your mail legally have to be sent to the house you "owner occupy?" 

Got it! Thanks Colby! Such a fail that I've lived in Michigan all of my life and am just now learning what A2 means. LOL!

Hi Keri. Are you referring to REIA of Macomb?

This is perfect! Thank you @Colby Poe!

Thanks for the advice guys! I honestly had no idea where the timing rule came from. Good to know it's lender based :)

Thank you very much @Jeff Keller! Great point about looking up inspections that are posted :)

Hey there,

My local Macomb County REIA meets Thursday evenings, which is when I babysit. Since I can't usually make it, I'm looking for other metro Detroit/southeast Michigan regular real estate investor meetings to attend.

Thanks in advance,

Valerie

Hi there,

I've read, mostly through BiggerPockets posts, that if I'm planning to purchase a multifamily with a loan that requires owner occupancy (house hacking), then after two years the income from the property will count as income in the minds of lenders. Is this true? If so, where does this info come from ... Is it federal law?

I want to make sure that I understand if and when a house hacked property will count as an actual investment property by banks so that when I want to purchase a second property, the first property counts for me and not against me.

Thank you,

Valerie

Thanks @Keven!