So this last year I purchased my first SFH to house hack. This home came equipped with an above-the-garage addition (600sqft) the flippers added on (permitted). It is a bedroom with a back/private staircase. After framing out the access to the room from the kitchen, I added some dry wall and voila - my 4/3 is now a 3/2 with a STR studio. I got a 6.25% rate, and even before refinancing I am now cash flowing 1K/month because of the STR.
Since my purchase anniversary is coming up, I want to use the same strategy...acquire another property with 3.5% FHA (because its a point lower than conventional), however, I now to refinance out of my FHA loan to conventional so I can free up my FHA loan for house #2.
I have the finances for down payment, appliances, furniture....just need the loan. Any ideas for getting a loan funded, finding another co-borrower/how that would work for a deal split, etc.
@Ian Duffy I can refer some contacts for loan options. We are currently in the process of converting our garage to an ADU. We Currently STR our Main home and live in the JR adu so the goal is to really supercharge the ROI.