All Forum Posts by: Youngwoon Han

Hi, 

I am looking to buy a SFH in Columbus, OH. Duplex is still a possibility but with the amount of the loan (250K) I got, the non-SFH option is a little limited. It will be my primary residence for the next couple of years but will eventually turn into a rental (House hacking if I can buy a multi-family unit).

With 250k, I can still get a decent SFH (3-bed & 1/1.5-bath) in a so-called up-and-coming area in Columbus. The only concern for me is that none of these would cash flow positively after factoring in all the items (vacancies, cap-ex, repair, etc.). I am willing to do some longer-term buy and hold and ride the appreciation. I suppose I can expect some level of appreciation considering the housing market in Columbus and the areas that I am looking at (Franklinton, King-Lincoln Bronzeville, Marion Village, etc.), but I can't really put a hard number on that. So my question is, considering the environment and my situation, how should I determine whether a property would be a decent deal?

Thanks

Hi all,

I got married last year and moved to another state following my spouse's job. Before the marriage, I purchased a house where I lived. I still own that house and use it as a rental. I would like to buy a home where my wife and I can live in the state that we moved into. This is my wife's first job, so she won't get much of $$ on her mortgage alone, but I want her to eventually get a mortgage under her name once she establishes her income in the next couple of years. Meanwhile, I want to try and get a mortgage under my name to buy a house here. Let's assume my income is large enough for me to get a decent size mortgage (which I am not sure and have to find out haha). My question is, in this circumstance, would I qualify for, one, FHA loan (the first mortgage is conventional); two, when I apply for pre-approval, can I not say it's my first home even if I qualify for an FHA (assuming I do). Generally, what would be the best option for me as far as looking to get another mortgage? I am planning on living in the house that I purchase.

Thanks in advance

Hi Bigger Pocket community,

Assuming I should consult a tax/mortgage professional, I'd like to ask y'all for knowledge a guidance here. 

About me: I own a 2-unit house that I have been house hacking. I have a conventional 30-year mortgage. After the expense, it had $500 cash flow shown on my tax in 2022 (annual haha). For 2023, I supposed it'd be similar. I did move out of state where this property is located due to a job that my spouse got. I'll have my first property converted into a full rental investment unit in 2024 with both units occupied and a little bigger positive cash flow.

My spouse made an insignificant amount of money in 2022 and she only worked since August 2023 (Appx. $35K), I'd like her to have one more year before we get serious about purchasing a house in the newly relocated city (Columbus, OH) for multiple reasons. This means the soonest we are shopping for mortgages/houses would be sometime in 2025. My spouse does not own a property and if she becomes the only person on her mortgage, it'd be her first mortgage. I have also been thinking about buying a property on the same schedule -- let's say I'm looking for a 2-unit while I live in one. It would be my 2nd mortgage. I assume I should probably go conventional since I am not a first-time home buyer. I believe she will make enough in 2024 for her to get a loan that would allow her to purchase a house within her budget (Her DTI right now is 0%). On the other hand, I project my DTI under 30% with the current rent in Columbus + payment for the first house. Idk if it is relevant, but we probably won't be able to do the full 20% on downpayment.

Questions:

1. Is this realistic/viable?

2. Does this mean we should file taxes married but separately? Would either option make a difference (married filing jointly vs separately)

3. Anything I should be aware of?

Thanks