Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
Hello everyone,
This is part 2 of my research project for house hacking. Please let me know any questions you have surrounding house hacking. If you have the answer to any question you see, feel free to answer.
Fort Lauderdale, FL · Member since 2019 · 25 posts · 44 votes
7y
Hi Craig,
So glad this thread was started!
Is it worth it to go for a multifamily unit and carry more risk? My goal was to buy a townhouse/condo with three bedrooms to rent out the other two. In the process of researching RE, I discovered BP and realized that you guys have the term "house-hacking" for this and there's a lot of emphasis on multifamily properties. So I started looking into multifamily properties in my S Florida area (admittedly only on MLS sites like Zillow/realtor.com) and there are slim pickings with massive price tags. While I can put a 20% down on a condo, I'd only be able to put 5% down on a multifamily so I'd be in a highly leveraged, risker position.
The numbers at a glance (1%, 50%, and 70% rules) seem to work out better for me with a condo than with a multifamily, but I think I'm struggling with multifamily FOMO lol.
Can't wait to hear any input on this.
P.S. I just listened to your episode on the podcast yesterday, and I'm a big fan of your way of life. Looking into Turo since I've taken to using public transit lately.
Rental Property Investor · Mountain Grove, MO · Member since 2016 · 44 posts · 6 votes
6y
I am actively shopping for 2 - 4 units to house hack with an FHA loan. I like the Bigger Pockets calculator but I can't justify paying for a pro membership to get unlimited use right now. does anyone have experience with the Vertex42 Rental Property Calculator https://docs.google.com/spread... or something else that might be a better solution?
Accountant · Chicago, IL · Member since 2020 · 62 posts · 23 votes
6y
Hi Everyone!
I am new to the BP community and would like to connect with agents, seasoned investors, rental property owners, etc. I am a recent college grad looking to house-hack in Chicago or surrounding areas. Can someone perhaps provide guidance or tips for a new investor?
I am in my 5th year of my FHA single family.. I am looking to re-fi soon into a conventional... the plan is to get a new FHA for a Multi-Unit . Live in one part and rent out the others..
Current Loan balance 160k
Loan officer (friend of mine) said my area is 220k+ . Recently sold in my area is 220k+ on Zillow.
I was wondering what rehabs are more important than the other when it comes to the reappraisal.
Recessed lighting?
Improve kitchen?
Improved bathroom?
Exterior improvement?
If there are any pieces that I am missing / that’s I am not putting into consideration please let me know.. I am trying to make my first move to become financially free.
@Minh Nguyen I'm in your position as well! Glad you asked. All my research so far has pointed towards a 3 townhouse/condo. Wondering why multi-family? Some say HOA restrictions but interested in knowing more.