All Forum Posts by: Cole Britting

I know lenders can use 75% of the expected rents for small multifamily when calculating rental income for the DTI, but can they do the same if you plan on renting by the room for a SFR?

Also, how do lenders verify the expected rents? Do that have an appraiser pull comps and come up with a number? 

Thanks for sharing! A mindset/behavioral shift can be very powerful. Best of luck in 2021

All the ones listed above are great! Another I'd add in if you aren't trying to work a 9-5 for a long time is The 4-Hour Workweek by Tim Ferriss. I read it a few months ago, and it is one of the most influential books that has changed how I think about my future!

Congrats! Sounds like you absolutely killed it this year, and will have an even better 2021. Keep us updated on how it all goes

@Allan Pilapil Wow that's awesome, congrats! Stockton is a market that I have heard good things about. Are you house hacking a SFR or small multi?

@Matthew Horstmyer I am just starting out! I have been educating myself for the past few months, and am looking to house hack at the beginning of 2022. I go to college in NYC, or else I would try to start sooner. Right now I'm just saving up for a down payment, finding my market, and continuing to learn. It is awesome to see people take their first steps!

Congrats, I hope it works out well for you guys!

Has anyone had a successful house hack in Manhattan? I go to school in Manhattan and would love to live there once I am out, but it seems really difficult especially with the current vacancy rates we are seeing. I'm thinking the only way to do house hack would be to try it out in a different borough, Hoboken, or Jersey City but would love to hear if someone has done a good job in Manhattan.

Thanks!

@Twana Rasoul It is pretty eye-opening to see some of the examples of your clients. To be honest, I didn't really think it was possible in a place like San Diego. How is the inventory of small multifamily? It seems that there is a good amount judging on a few of your clients closing on them in a short time period. I'd prefer small multi but am definitely open to SFR if the numbers work.

Do you know how much they are typically coming out of pocket to cover the remainder of the PITI?

Thank you so much for sharing, reading your write-up has been very helpful!

@Dan H. Thank you for the great write-up! I agree that the appreciation in these markets would be great, and would make up for the negative cash flow. Also, the rents would see appreciation so the longer I keep the property the better off I will be. It definitely seems like more of a long term play.

Thanks again!