All Forum Posts by: Andrew Powers

I agree, see BP bookstore. One of the first fundamental books everyone reads/ wishes they did is Rich Dad Poor Dad

Depends on units or number people renting. If you house hack, parking is an important factor especially with a driveway... tougher to shuffle cars when your not related.

Education is key. Keep listening to the podcasts, alot of the older episodes have more of the basic information which I found helpful at first. Newer episodes are good to listen to for recent events or new laws, etc.

Like AJ said, have goals which will help dictate decision making. Understanding your 'why' is often hard but do this work up front to put the best foot forward. Evebtually by doing you'll start to get what you want/ don't want as well. There's a unique balance in there for everyone which none of us can answer better than yourself. 

House hacking is a great method that many people do! Be open to other types of properties (ie single family / roommates) and even different types of investing.

If it's forced air system, can you add a couple vents in basement ducting? This can work depending on size of basement and heating system. 

Also check with some HVAC companies on their ideas, many estimate for free

Nor sure about the legal side but I don't see why you couldn't. You are providing extra square footage for them to use, and it's ideal for them since it's closer than any other storage facility would be. Logistics would need to be considered, like can they access their storage while your not in your unit? 

Yes there is PMI which is fine, the numbers still work great. This is a normal conventional loan with the low down payment being the "new home buyer" incentive. The next property can be purchased with a conventional loan, though it's not "first time home buyer" therefore the down payment will be higher.

I recommend talking to some lenders as well!

Congrats! That's really nice of the agent to gift you $1000, although it benefitted him as well to make the deal happen

Congrats on the house! Are you local to manage it or plan to outsource?

Yes I used first time home buyer conventional loan for my property. Minimum occupancy required is 1 year. This loan was 3% down payment and for single family only

Conventional loan is considered stronger than FHA. If a property has been on market for awhile, FHA has a good shot. But it really depends on seller and market, often FHA works for new properties as well.

If you house hack, it is owner occupied loan so you need to live in a unit within 60 days (confirm with lender). Part of your offer can be to have 1 unit vacated upon closing so you can move into it. Or if it's month to month you can remove tenant. Best bet would be for seller to do it before closing in case there's trouble getting a tenant out.

I would check with your employer if long term remote work is allowed. There are tax implications for businesses with workers working out of state, so if they find you change your address to Maine they may not allow.

Curious where in Maine are you looking?