All Forum Posts by: Carlos Rios

Hi All, 

Quick Question, When is the right time to get Pre-Qualified by a Lender? I am currently looking in the market for a house hack in a very expensive market, the Bay Area. As I look at some of these high prices it is difficult to analyze any deals without knowing how much leverage I will be allowed. 

Additional Question, Any recommended methods on where to source a Pre-Qualification? 

Please let me know, thanks!

Quote from @Benjamin Sulka:

Gomez, 

Yes, most lenders offer a 3.5% down FHA loan with PMI or a 5% conventional with PMI.

Like Russell said, be cognizant of the self-sufficiency test for 3-4 units using FHA. 75% of your rental income must cover PITI (principal, interest, taxes, and insurance).

Hope this helps. 

Hey Benjamin, 

Is 5% Conventional with PMI beginning to become common? Have not heard of that option previously. Thanks!

Quote from @Ryan Thomson:

House hacking is awesome @Carlos Rios . I don't have any good advice for the Bay Area. But here are some awesome resources that I recommend to my clients in Colorado Springs. They will be helpful to you as well:

1. For podcasts I really like the House Hacking episodes on Bigger Pockets Podcast and other channels. Here is a playlist with the best House Hacking Podcasts I’ve found: https://open.spotify.com/playlist/4A6uLsPfdWEMmJhG4TSjyb?si=743bb403548f47fb

2. Great beginners guide: https://www.biggerpockets.com/blog/wp-content/uploads/2022/08/Ultimate_Beginners_Guide_BiggerPockets.pdf

3. The Book on House Hacking Strategies by Bigger Pockets is also a fantastic book

4. Happy to talk if you want more advice

5. Connect with a realtor who understands house hacking and has invested themselves

6. Connect with a lender to see what you qualify for and how you can improve that situation

7. Go to local Real Estate meetups and learn from people there

Ryan, 

Great input and great list. The purpose of my post was to get an actionable set of items I could begin to follow to get the ball rolling on a Househack in the Bay Area. This list provided will work great and can’t wait to begin to check these items off. Thank you!

Hi All, Interested in doing a house hack in the Bay Area to kick off my RE journey off. One thing I love about BP podcasts are the interviews with investors and their stories. Any house hack success stories (or lessons learned) on house hacking near the San Francisco Bay Area? Thanks!

Hi All,

Looking to begin to analyze deals that I could potentially invest into, but I’m not sure what my price range should be.

When is the right time to get Pre-Approved? Will a pre-approval tell me how much I qualify for and what my price ranges should be? I’m from the Bay Area and it’s pricey here so I want to narrow down my buy box but not knowing my price range is making it tricky to analyze deals. Please advise! Thank you.

First post in Bigger Pockets Forums! 

From the Bay Area looking to get into the RE Investing space, specifically for my first investment I would like a Househack in this area. Look forward to collaborating with all!