Skip to content

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Mortgage Brokers & Lenders
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

44
Posts
23
Votes
Ryan Ness
  • Realtor
  • Lafayette, IN
23
Votes |
44
Posts

Have first Househack Acquired. Now needing lending for the next!

Ryan Ness
  • Realtor
  • Lafayette, IN
Posted

I have successfully acquired my first househack in Lafayette, Indiana and it's been stabilized and rented since September of 2022. While living in one unit, and with the other unit rented out, this will produce ~$14,000/yr in gross rent. This home was purchased with a conventional loan at 15% down. I also have around $20k in cash that is ready to use in the next investment. I would likely do a low downpayment loan option such as FHA or the Freddie Mac product - Home Possible, as interest rates have doubled since I acquired this first property and I am more focused on having cash reserves on hand right now to ensure solid cashflow than rather than a lower rate. Are there any lenders that take this rental income into consideration in a loan? I also have a W-2 income that helps but from what my local lender has told me so far, the most they can lend based on my W-2 income right now is $155k. This loan amount may be feasible for some opportunities that are currently available. 

Thanks!

Most Popular Reply

User Stats

464
Posts
339
Votes
Gloria N Gear
  • Realtor
  • Indianapolis IN
339
Votes |
464
Posts
Gloria N Gear
  • Realtor
  • Indianapolis IN
Replied

I am working with a guy that is doing this exact strategy here in Indiananapolis.  First of all, I think you are brilliant! and I applaud you for thinking outside of the box.  His name is @Damon Cameron Jr - I suggest you connect with him.  He is doing the Home Possible program with the 2/1 buydown --  I will PM you the lenders we are working with. They should be able to help you in Lafayette.  (Extra thought - Have you thought about renting out by the room to Purdue students?)

  • Gloria N Gear

Loading replies...