All Forum Posts by: Alejandro B Yoon

No need to get complicated; Most bankers would have no idea what a househack is, many might scoff since it sounds silly. You also don't need to disclose what you plan to do with the home you plan to buy. 

I would just drive or make a few calls and talk to multiple lenders/brokers from different banks and shop for the best rate. They will be happy to talk to you.

Getting a Real Estate agent familiar with Househacking would be more important as they may have more experience with the nuances of your market.

Best of luck and keep us updated!

The reality is not every deal works, even if it it's from family.

Also for a househack, the more units the better when renting out rooms/units. A 2200 sq ft house with 5 beds will make a lot more money than a 3 bed house the same size. If the space allows it, maybe consider building another room? That would also increase the rent when you leave.

From what I have seen, ADU's typically don't make sense to add unless you are in dense HCOL cities, where more housing is needed and the expensive cost of construction is immediately recouped as equity. Most of the Midwest doesn't follow this trend.

I would also consider just representing your family member in the sale and using the commission to save up even more money when the right opportunity comes

Keep us updated and best of luck!

Already got a few bids! Thankfully there already is a window in the room.

Appreciate the reply.

I am househacking without a problem in Houston!

Otherwise I would find the "locations" tab within BP and maybe search through posters that are in Pheonix/Mesa. You will find more state/city specific people and advice there.

Also as Andrew said, join a meetup. It's the best way to meet people in your area.

99% No.

I have had a tenant repair a few missing pickets from a fence themselves once. But only because he was a construction manager and worked in the business for over 30 years. I gave him a $75 credit for labor. He did a great job.

In absolute any other scenario, I would say no. Liability wouldn't be worth it, plus later he might want to fix something else for discounts in rent. Better to not open that chest.

Most lenders that I have seen are at a minimum of 12% with 3-5 points nowadays. You may need to shift your expectations as to your cost of capital.

Paying only half the mortgage is probably still better than renting, are you accounting for principal paydown and tax savings?

I would still consider it a successful househack if you lower your monthly living expenses, in this market you have to find a unicorn to live for free.

Alternatives if you have more cash could be to buy a more run down property and renovate it as you househack. Chances are a fixer-upper is cheaper and may lower your monthly expenses more so.

 I second living at home. That is a great idea if you don't have the savings yet. Sacrificing 3-6 months to save every penny with a 70k starting salary should be enough for a down payment + closing + renovation costs assuming you don't like in a HCOL market.

If you already have savings (enough for a down payment+closing costs), you can buy a house right after graduating college with just the offer letter. Skipping the year of renting.

I bought my home 3 days before graduating college with my bachelor's in Accounting last may. My househack has been successful and I only pay $300-500 a month to live in my home.

PM me and I can discuss more.
 

Lots of factors here.

Analyze your market as to whether a 4/3, mother in law suite, or additional 2/1 would be worth anything in the resale. Depending on how long you hold, each option may have a different amount that can be converted into rent (4/3 might rent for less than another unit, etc)

 If you do make another unit, check with your zoning and be aware you may need to install another meter for utilities which may be costly. Also the cost of construction may be super high depending on how much work needs to be done.