Hello BP Nation!
I am looking to buy 4bed/3bath property in Texas, live in one room, rent out others - House-Hack.
*No W-2 income - Self employed
*20-25% down payment + healthy bank account
*will have 3 roommates to pay the mortgage
*property purchase with 20-30% discount, would remodel before rented to increase equity
1. SRF is not considered an investment property if I lived in. I could pay cash for it with HML or PM and refinance, BUT since it is the primary residence, I'd have to wait for 2 years to refi. High interest rates for 2 years will just kill the cashflow...
2. SFR if not lived in, requires additional stream of income to show to the lender. I could then refi after 6 months if paid cash, but would not be able to House-Hack.
-What are the options to get financing on about $200k property if self-employed to house hack knowing all the factors above? Any input from lenders and fellow investors would be highly appreciated!
Thank you, team!
I'm curious, why would you not be able to refinance out of the HML? You should be able to do a no cash out refinance within one day of the purchase, unless there is a Texas Specific State Law that I am not aware of. Then you can still house hack if you would like. You will have to confirm that you are able to qualify for a Qualified Mortgage with your self employed income.