Updated over 8 years ago on . Most recent reply
Qualifying for mortgages on future house-hacking properties
Hi all,
So I've been doing a lot of reading, including just finishing Set for Life (great book). Anyway, I plan on using the house hacking strategy to build my portfolio. I am aware that typically I have to stay in the home at least one year, and it will be two years showing up on my tax returns before I can use the income from the half of the duplex that I currently am living in to qualify for a future mortgage.
My question is in what way can this scale so that I can do it every year or so and still qualify for mortgages? How can I use the income of the unit that I am living in to qualify for a mortgage and what does this do to my DTI?
To me it seems like it will always add some to my debt load because the side of the duplex I am vacating will be counted as debt since I'm not currently renting it out (because I live there). So basically each place I vacate will be counted as debt until I get it filled, which presumably would be after I get the new property.
What sort of process or strategy have you used to scale a house hacking strategy in building a portfolio?