All Forum Posts by: Account Closed

@Chris Mason May I ask why it’s a horrible side hustle?

Thinking of becoming a mortgage broker. Any mortgage brokers on BP? Is it a good job or side hustle to have? Working independently or with a company- which is better?

Thinking of becoming a mortgage broker. Any mortgage brokers on BP? Is it a good job or side hustle to have? Working independently or with a company- which is better?

@John Warren thank you.

@Craig Curelop even with a multifamily?

Our goal was to do a new primary residence every year with ~5% down on each new mortgage/ loan

@John Warren thank you.

Another insider would be, our current property (triplex) is under my husband’s name (loan, etc). Our plan has always been to house hack our second property under my name.

We just want to be sure we aren’t doing anything too risky. As mentioned before, initially our lender has told us it was okay to do and then a year later as we are ready to buy the next property, he changed his answer to tell us we can only do primary for our next property if it was a single family home. Not a multifamily investment.

So in his words, even if we were to house hack our second property - we would have to put down 20% because the second house hack would now be considered an investment and can’t be considered a primary.

So with refinancing our current home - would we then have to put 20% into the multifamily home we currently live-in in order to get the next property down as a primary?

How can I find a hard money lender?

What are some ways people go about finding one?

Also, is becoming an independent mortgage broker a good idea in this economy?

Hope everyone is holding up well.

Purchased my first property back in June (triplex) and used the money I saved in rent to renovate my unit and the other two. Raised rent after the renovations and now have nice cash flows which has allowed me to save up quite a bit of money.

Is it possible to purchase another multi family property as a primary residence and do it again over and over (as a primary residence)? My lender originally told me back when I bought my first property that I could if I could “prove it’s a necessary upgrade” (for example, if we said we were starting a family and needed more room). Now his story has changed.

So long story short, is it possible to house hack consecutive multi-family properties under a primary residence without selling the first one or transferring it to an LLC and deal with all that comes with that?

Also, the plan was/is to move from one multifamily property to the next all in the span of three years (so three multi family properties).

Appreciate all the tips and advice I can get. Happy investing everyone!

July 1st is a Monday...

Hey Brit, 

We're still in the negotiating period. If they're not willing to replace the K&T or reduce the price significantly, we'll be backing out of the deal.