All Forum Posts by: Bradley Dosch

Hi Gloria, I think the idea in the title is a fantastic idea. I've done this on two house hacks now. You already have all the utilities and systems in place with you living there. My biggest recommendation is to be very transparent and up front with people. Make sure they understand it is a shared living situation and you will be doing everything to make sure it is a smooth and comfortable situation. Also try to find people who are similar and will get along with each other. Personally, I pay for the best wifi, all the utilities and regular professional cleaning. People really enjoy this if it is set up correctly and you can make a healthy profit off of it. 

Hey Allen, that's too bad about the low credit score. If you're able to find a place that can supply heat to your RV, staying there and saving money sounds like a good move. If you go with a landlord, ask them if they can use your on time rent payments to count for building your credit. It's great to hear you want to strive in your career. It sounds like focusing on growing your income within your career is a great move. 

Another option to get around the bad credit is to start with commercial or asset based financing. These typically require more of a down payment and less favorable terms than personal based loans. But with your recent home sale and focus on growing income, this could be a good route for you.

Best of luck with whatever you decide Allen!

Agreed that you should analyze it assuming you won't be living there. Besides that I love your plan and the numbers look good

Hey Joey, this is definitely a common feeling and it sounds like you've already done a great job of getting started. Ways I think help are: surround yourself with people who are doing what you want to be doing, go to meet ups!, and connect with other people. I think this is the best way. Besides that, the BP books and podcasts are terrific but I do think they allow you to feel a lil too comfortable by procrastinating with preparation. Taking consistent action, even small, without having all the answers is the key to overcoming fear. Good luck Joey!

I would focus more on the performance on the place once you move out. With such a low down payment, it's not the end of the world to have negative cash flow while you live there. I would plan to move onto the next house hack asap and get the unit you're occupied filled. This is the game you gotta play. Make sure you have a good lender that understands this strategy and keep in contact with them. The transition can be a bit tricky and you'll want a lender who is on the same page as you and can guide you through the process. Good luck Joey!

All the advice in this thread is sound and I second it. Buying FHA to house hack multifamily is a super powerful strategy!

The FHA 203k loan and conventional homestyle loans help with this. They can be tough to close. 0% intro APR credit cards is another slightly riskier way to accomplish this

Hey Kole, 

This is a good question and one I think about a lot. First off, if there is an employer match, yes take it, no questions asked. Besides that it's up to your goals. Of course using stocks as a savings account is riskier but it's a good way to hedge against inflation. I think it all depends on your comfort level and how often you'll "need" that money. If you're only going to buy and hold a stock for a few months, it's probably not worth it. I'd say 9 ish months is my cut off and I am a pretty aggressive investor. As for the retirement account, the tax advantages can be great. I always max out my Roth IRA bc I love its flexibility and ease. For a employer sponsored 401k, the tax advantages are awesome as well but, while still possible, it's harder to liquidate that money to invest in real estate if that's your goal. However, 401ks usually have great margin loan options, meaning you can borrow against your 401k, like a HELOC for your stocks. This is, again, risky but it's another tool in the tool box for sure. Awesome idea using the VA loan and great to hear you're looking to house hack!

Hey Jonathon, I definitely second what @Grace Wang said!

Honestly I would love to hear how this goes for you. From what I know (not a lender), it'll be tough. You're supposed to "intend" to live there for 12 months, as I'm sure you know. I've heard of lenders doing it every 6 months. I'd also be interested how you'd "wipe away" the debt of the previous house hack with the rent you use (assuming you don't sell these when you move). This sounds like an awesome question for a lender and I'm super curious to hear what they say.

Hope you enjoy your relocations, Cody! It sounds like lots of fun to me (besides the working part)