Looking to house hack for my first house in st. Louis MO

First-Time Home Buyer
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Looking to house hack for my first house in st. Louis MO

Reno Jones
St. Louis, MO · Member since 2021 · 14 posts · 2 votes

So I’m looking for something I can house hack to help me get started into Realeastae. I don’t think I can get approved for a loan until October because I will be at my job for a year. I’m super excited and very motivated to get into becoming financially free at some point. Can I get some helpful tips and tricks and who to talk to so I can learn more and know what to look for!

Thank you so much in advance.

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Matt Dickens
Lender · Saint Louis, MO · Member since 2020 · 28 posts · 11 votes
5y

Hey Reno! Great to hear you're already planning ahead! I am currently enjoying the house hacking process myself, and would love to connect and share my experience to help you get a better grasp. Feel free to shoot me a DM! 

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  • Matt Dickens
    Lender · Saint Louis, MO · Member since 2020 · 28 posts · 11 votes
    5y

    Hey Reno! Great to hear you're already planning ahead! I am currently enjoying the house hacking process myself, and would love to connect and share my experience to help you get a better grasp. Feel free to shoot me a DM! 

    1Reply
  • David OunanianBusiness Member
    Real Estate Broker · St. Louis, MO · Member since 2017 · 380 posts · 195 votes
    5y

    Hey @Reno Jones glad to hear you are planning to house hack!  I love that strategy for starting out.  I'm not sure that you would have to wait a year though.  Our lender just approved one of our clients for a loan to house hack and he doesn't start his job until June after he graduates college.  All he needed to provide to the lender was an offer letter from the employer.

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  • Reno Jones
    OP
    St. Louis, MO · Member since 2021 · 14 posts · 2 votes
    5y

    @Matt Dickens hey thank you man I really appreciate it and would love to have the opportunity to talk to you about that.

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  • Reno Jones
    OP
    St. Louis, MO · Member since 2021 · 14 posts · 2 votes
    5y

    @David Ounanian may I ask what you mean by a offer letter?

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  • David OunanianBusiness Member
    Real Estate Broker · St. Louis, MO · Member since 2017 · 380 posts · 195 votes
    5y
    Originally posted by @Reno Jones:

    @David Ounanian may I ask what you mean by a offer letter?

     My client provided his job offer letter to the lender and he got approved for the loan.  My point was I don't think you have to work a year at your job before getting preapproved because I'm seeing people get loans before they even start working.

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  • Chace Fraser
    Realtor · Portland, OR · Member since 2017 · 357 posts · 259 votes
    5y

    Besides figuring out what your goals are, how you want to get started, and meeting like-minded people, the first action item would be to talk to a lender. In my experience working with house hackers the majority of the questions center around financing the deal.

    When it comes to finding the right lender there are a few things you’ll want to keep in mind. Lenders, like realtors, are not all created equal. In order of importance, here’s what I think is important to look for in a lender. You want to make sure your lender:

    Has worked with house hackers before; the rules change depending on what loan type you use and how many units you purchase. There are A LOT OF TRAPS along the way that can/will make the deal fall through (and cause you to lose your earnest money). You want to be sure the lender you choose has successfully navigated them before.

    Can help you strategize the lending piece for this purchase AND purchases in the future

    Is an investor themselves

    Best of luck!

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  • Reno Jones
    OP
    St. Louis, MO · Member since 2021 · 14 posts · 2 votes
    5y

    @Chace Fraser those are awesome tips. Thank you so much and I would love to have help on the first time I go and do this I know what I’m really looking for I don’t want be screwed over.

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