All Forum Posts by: Victor Nkhoma

@Will Fraser nice! I really appreciate your response!

I house hacked and learned a lot last year. I’m still house hacking primary residence but I’m ready to purchase a full (not owner occupied) rental.

For anyone who started off by househacking , what are the items to look out for when you buy a full rental? I’ve started searching but I feel like I might miss something.

Any type of advice is appreciated!

Anyone here owns condo/townhome rentals?

I might be missing something but I seldom hear folks talk about townhome/condo rentals. Is this because or rental restrictions and HOA?

If so, I’ve come across townhomes/condos with neither of these so wondering if they can still be profitable as rentals. Of course there’s the 1% rule but wondering if there is anyone who owns these type of rentals?

Any tips/tricks/caveats to share?

Do I need (should I get) a permit to install a drywall , and extra door and a kitchenette in my house hack? Generally, these are ideas to separate my area from the tenant area in the house. I've heard so many opinions but I want to make sure I don't run into any issues long term.

Did anyone go the foreclosure route when they bought their first home or investment property?

I am a first time home buyer signed up on foreclosure.com and interested in going this route. 

What can I look out for? What was your experience, if you went that route? What are some of the things I can be weary of?

Thanks,

@Samantha Cash - thanks for your response. I've heard they are usually on higher interest. Could you tell me why you ultimately ended up going for owner financing versus conventional? 

Has anyone used owner financing on a house? I keep seeing owner financing options on house sales and wondering if that will work. What are the pros and cons you’ve faced?

FYI - ultimately the goal is to house hack my first property. Not sure if this will affect the answers.

Thanks!

Spoke to a couple of lenders recently who mentioned FHA loan minimum credit requirement is now 640, not the 580 I initially heard. Possibly due to Covid-19 adjustments. Not sure. What have you guys heard or know anything?

Background story: A group of my friends (including me) are first-time home buyers looking to break into REI by means of House hacking.

@Sebastian E. I agree with Wayne. It’s the prorated amount.

@Rodney Reeves thanks man!