House Hacking questions...

6 Replies

Hi BP!

I am aggressively looking to purchase my first rental property by years end... Looking to get something out of State (looking in North Carolina at the moment)... California is too pricey for my first one :/ 

My wife and I own our home here in California but our loan was only taken out in her name........ Since I am technically a 1st time buyer, can I still "house hack" for my first rental?..... 

Please let me know your thoughts on this... 

Would I have to "live" in this property for a min. of a year?

Who regulates this?

@David Carbajal

Absolutely possible if you're looking to move to NC!  And yes, I thin you could do the 1st time buyer thing if your name isn't on a mortgage yet.  The mortgage company is the regulator.  If you don't live in the property for a year, you're committing fraud which I wouldn't mess with if you want to buy more property in the future.  PM me if you have other specific questions.  

@louise Alexander

Thanks for the reply!

Any tips/tricks or advice on how you found your first buy and hold investment property?

@David Carbajal

I have the same situation here. Did you ever think about perhaps we only need to sleep in the property once every week so we can spend the rest of the time with our darlings? Or perhaps it'll be a great excuse away from the old lady for awhile!

@David Carbajal

Just learned you can't do this. Apparently it is the intention that matters and not 1 year. It is mortgage fraud and all the government or whomever will be suing you needs to do is get a cooy of this BP thread and you are toast.

@cody good looking out!!
Exactly why I asked... haha

Looks like it's conventional loan for me!

Thanks again!

@David Carbajal

We are a little far from each other but we might meet up sometimes in our career so I sent you a Colleague request.

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