All Forum Posts by: Bradley Dosch

Hey Rich, 

Private money sounds tough for the first deal but certainly can be done.

I think the financing for your first house (and you're going to live in) is so good. You can get some pretty sweet conventional or FHA financing. There are even plenty of down payment assistance programs you could use. That's my vote

Hey Juan, I like the way you think. As you said it all comes down to what's important to you. What are your priorities. Determine what you want and don't get too swayed by society.

For me personally, I want freedom to do what I want asap and buying house hacks makes the most sense for that.

I think you got the right outlook, just gotta get crystal clear on your vision!

Hey Paul, great to hear you want to get started. It certainly is tough right now. It's totally possible that things could shift more in the buyer's favor however it's near impossible to know. I like to focus on things in my control which in this case would be going out and trying to get started. If it doesn't work out now, just keep trying until it does. I think house hacking is the best way to get started! That $20k can go a long way if you house hack as opposed to a traditional rental

Totally dependent on your situation. For multifamily, lowest down payment will usually be FHA at 3.5%. For first time homebuyers buying single family, 3% down conventional would be lowest. All of this depends on your financial situation, so it's always best to talk to an experienced lender. You should check out Bank of America's down payment assistance program.

Mortgage Down Payment Center (bankofamerica.com)

Hey Erwin, that's awesome you want to start house hacking. It is 100% the best way to get started in real estate. Definitely go for it! I'm always open to discussing more and answering any questions you might have. You should check out Bank of America's down payment assistance program!

Mortgage Down Payment Center (bankofamerica.com)

I understand. It certainly seems like more of a risk to house hack when you're already living for free with your parents. If you can tolerate living with your parents, it's not necessary to house hack. I just think taking advantage of house hacking financing is so genius. If you don't want to house hack, buying a standard investment property is also a great move. I would use leverage that $100k as much as you're comfortable with, especially with today's super low rates. I'm happy to discuss more if you have any other questions!

Hey Mark, it's awesome you want your daughter to start house hacking. I lol'd at your "he won't" comment. I definitely agree that hearing it from one of her peers will carry more weight than from you. People tend not to be too receptive to logic bullying especially from their fathers even when it's completely valid advice. It means a lot when my parents are receptive to what I want, are a resource to me, and lead by example. But when they tell me to do something I don't react as positively lol. Seems like you got that figured out!

I don't have any kids but I've found that people are most receptive to talking about house hacking when they start the conversation. They ask questions about what I'm doing and I simply answer their questions. They're a lot more interested that way than when I try shoving it down their throats. I wish I could talk about house hacking all the time but surprisingly most people don't feel that way. 

Super interested to see how this goes for you Mark!

Hey Matt, this is a great plan you got. I did some rehab on my first house hack and, along with the help of the Denver market, received quite a bit of equity in it. The main mistake I made was taking a HELOC out on it after I moved out. A powerful method can be to fix it up then take out an owner occupied HELOC. This has a much higher LTV and is much more accessible than investment property HELOCs.

I like the HELOC route better than refi. With a refi, if you refi as an owner occupant, you have to live there for another 12 months which can slow you down. And refinancing from a favorable owner occupant loan to a less favorable investment loan doesn't do too much for you.

So that's just something to keep in mind!

As far as acquiring the property, there are plenty of options and you gotta find what works best for you. 203k is nice but can be hard to close. SFH conventional gives you great terms. Using 0% interest credit cards can finance your rehab if you're okay taking that risk. Homestyle conventional is equivalent of FHA 203k. Lots of options! You should look into bank of america's down payment assistance program bc they're basically giving away free money! Good luck Matt, feel free to reach out with any more questions

Hey Michael, sounds like some great goals and plans you have! House hacking is such a great and accessible way to get started with REI. Idk much about the NJ area. My main advice is to just get started. Learn as much as you can but don't wait too long before you get started. Find something you think the numbers work well for you on and just follow your fire. You'll learn a lot by just doing it.

I also recommend looking into bank of america's down payment assistance program. It's the best one I know of and you can get some amazing free money from it! Looks like Monmouth county is included in their program.

Mortgage Down Payment Center (bankofamerica.com)

Hey Cory, awesome to hear you're looking to start house hacking. FHA and FHA 203k loans are great options for putting down a low 3.5% down payment.

If that's still too much for you, Bank of America is essentially giving away free money through their down payment assistance programs. As far as I know, this works best for conventional on a SFH. In most areas, you can get $10k for you down payment and $7.5k for your closing costs. Most DPA programs have higher rates and fees but the only real downside i see to this one is that you have to work with bank of america lol. The city of Redlands should most definitely qualify for this. Can't hurt to talk to a local lender about it!

Hope this helps

Mortgage Down Payment Center (bankofamerica.com)