Looking to house hack a property in Oakland to Hayward area

[Tomas Nuno]

Hey all, I am a new investor looking to house hack a property in the Oakland/San Leandro. I have reached out to a couple real estate agents so far but if you know an agent/lender that is familiar with house hacking that would be greatly appreciated. 

I have run into some early obstacles with the lenders I have talked with so far because my job is not a W2 job. I play professional basketball out of the country and don't receive pay stubs or any tax documents. I am determined to start investing now and am looking for creative ways for financing while still using the FHA loan and taking advantage of the low down payment. Would love to connect with anybody that may have some insight or seen a situation like mine.

Thank you in advance for reading my post and I look forward to hearing from you all. 
  

[Ryan Thomson]

@Tomas Nuno oh man. That's a tough one. Not showing income is going to make it tough to qualify for a loan. You are going to have to convince someone to team up with you and co-sign for you. 

[Lawrence Potts]

Agreed, not showing taxable income is going to make financing on your own very difficult to owner occupy. You can add a non-occupant co-signer with an FHA mortgage. How are you paid in the other country? Do you pay taxes there? Any paper trail might be helpful…

[Tomas Nuno]

@Ryan Thomson yea that's what most lenders have been telling me so far. I have a family member that is willing to co sign but they are hesitant to get their credit pulled. Do you have a suggestion of how to go about applying for a loan when you are co signing with another person? Specifically for FHA loan? Thank you for the response!

[Tomas Nuno]

@Lawrence Potts I usually get my money wired directly to my bank account and do not pay taxes in the country I play in. The only paper trail I have is my contract that states how much I am getting paid each month. I thought that may be enough to show my income but a couple lenders have told me that without a W2 or some sort of paper trail I wouldn't qualify for an FHA loan. I have been wondering if I should file taxes in the U.S. or not, if you have any input on what would be best that would be very helpful. Thank you the response!

[Ryan Thomson]

@Tomas Nuno there is no way around them getting their credit pulled. People are SOO nervous about getting their credit pulled. It dings you a couple meaningless points for a very short period of time. If that is really the dealbreaker for them than I would do some quick research on what impacts your credit score and show them that their credit being pulled is a low percentage of the score and that length of credit and on time payments weigh much more heavily. 

[Tomas Nuno]

@Ryan Thomson In your opinion what is the best way to apply? I am talking to multiple lenders at the moment that have been referred to me by realtors/investors. Is it best to choose one lender to apply with so I can get an idea of how much I could get loaned? Or would it be more beneficial to apply with multiple lenders? 

Thank you for the response! 

[Osazee Edebiri]

Quote from @Tomas Nuno:

Hey all, I am a new investor looking to house hack a property in the Oakland/San Leandro. I have reached out to a couple real estate agents so far but if you know an agent/lender that is familiar with house hacking that would be greatly appreciated. 

I have run into some early obstacles with the lenders I have talked with so far because my job is not a W2 job. I play professional basketball out of the country and don't receive pay stubs or any tax documents. I am determined to start investing now and am looking for creative ways for financing while still using the FHA loan and taking advantage of the low down payment. Would love to connect with anybody that may have some insight or seen a situation like mine.

Thank you in advance for reading my post and I look forward to hearing from you all. 
  

 Hey Tomas,

Real cool that you play ball out of the country, but obviously it gives you a unique situation that honestly sounds like a good starting out investment story to solve.

People have already spoke to the potential way to get lending. I can help you with the actually House Hacking side. I house hack in San Jose and have helped numerous people hack in Oakland. I would be happy to help you out.

[Ryan Thomson]

@Tomas Nuno You have all the documents together so it's not much more work. I would say apply to a couple. They will probably give you different rates and amount you can qualify for. 

[Tomas Nuno]

I appreciate the response @Osazee Edebiri,  

That would be great to hear your story and how you got started with house hacking. Several investors tell me it's a great way to start but I haven't connected with anybody that has personally house hacked. Let me know if you're willing to hop on a call or text, I look forward to connecting with you! 

[Tomas Nuno]

@Ryan Thomson Thank you for the advice! 

[Osazee Edebiri]

Quote from @Tomas Nuno:

I appreciate the response @Osazee Edebiri,  

That would be great to hear your story and how you got started with house hacking. Several investors tell me it's a great way to start but I haven't connected with anybody that has personally house hacked. Let me know if you're willing to hop on a call or text, I look forward to connecting with you! 

Definitely, sent you a message to connect.

[Ryan Thomson]

@Tomas Nuno you are welcome!

[Dale Corpus]

Hi @Tomas Nuno, I'm a local realtor in the east bay and my background is in lending. If you really want to go the FHA route, you will definitely need a consigner and they will need to have their credit pulled. There are programs (non-FHA) that are able to derive your income off you bank statement deposits but the down payment requirements are greater than 3.5%. They're typically 10% down at minimum. Feel free to connect with me directly and we can chat more.