All Forum Posts by: Cole Britting
Cole Britting has started 27 posts and replied 170 times.
Post: My first commercial apartment building!
- Investor
- New Hampshire
- Posts 175
- Votes 75
Wow this is an awesome journey and deal! Congrats and keep us updated on how it goes.
Post: 67 unit NH Deal (13 residential and mixed use buildings)
- Investor
- New Hampshire
- Posts 175
- Votes 75
Sounds like a great deal! Not a lot of NH deals are posted in the forums so it is cool to see. Best of luck in 2021!
Post: Good Book Recommendations?
- Investor
- New Hampshire
- Posts 175
- Votes 75
It is not directly about real estate or house hacking, but The 4-Hour Workweek by Tim Ferriss is a great book. It completely changed how I think about my future and what I want it to look like. It is all about being as passive as possible in your work and investments
Post: Merry Christmas + Happy New Year! GOALS FOR 2021
- Investor
- New Hampshire
- Posts 175
- Votes 75
Originally posted by @John Teachout:
Originally posted by @Cole Britting:
My goal is to graduate college in December, and start my first house hack in January. I'm looking forward to everything 2021 has to bring!
I spent the summer of 1975 in Londonderry. Still have scars from wiping out on a bicycle there.
Small world. It is nice up here, but I'm looking to move soon. Too cold for me!
Post: Is Texas too hot to make sense for investors?
- Investor
- New Hampshire
- Posts 175
- Votes 75
I am wondering a similar thing. Right now, I'm looking at Austin, DFW, and San Antonio. They all seem crazy competitive, but I don't know if it will slow down anytime soon. Seems like a lot of people/companies are moving there right now. I'm interested to see how the markets are in 2021!
Post: How can a college student, with very little money, get started?
- Investor
- New Hampshire
- Posts 175
- Votes 75
I am in a very similar situation. I think the best thing to do is to educate yourself as much as you can through books, podcasts, and reading the blog/forum posts. Also, try setting a goal to analyze a deal a day or a certain number of deals a week. That has helped me out a lot! Best of luck
Post: DTI and Renting by Room
- Investor
- New Hampshire
- Posts 175
- Votes 75
Originally posted by @Matt Nico:
Thanks for letting me know, Matt. Seems like it may be best for me to bring this up when trying to find the right lender for me. Thanks!
No worries man, Good luck. My market in Florida is probably much more flexible than you in NH. Most lenders end up counting the room rentals.
My advice to you if you need to get a loan is to create a lease where everyone signs it but it allows them to break it individually with a 30 day notice or something like that. So your home will still be a rent by the room home, but to a lander they will see 1 lease only with everyone on it. Dont take my word for that legally though. Do your research for NH as to whats allowed.
That's a very creative strategy and something I hadn't thought of, thanks!
Post: DTI and Renting by Room
- Investor
- New Hampshire
- Posts 175
- Votes 75
Originally posted by @Lien Vuong:
For SFRs they do not count the bedrooms as 'income units' only with the exception that the property is a classified as a Rooming House.
That is very interesting, thank you for the info!
Post: DTI and Renting by Room
- Investor
- New Hampshire
- Posts 175
- Votes 75
Originally posted by @Matt Nico:
Originally posted 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?
Cole,
Some lenders have problems with this strategy since they have no idea about it. When a lender asks me "How much do you collect in rent" and I tell them " I collect X amount, but its from 5 different people renting by the room." Some lenders find that to be really weird, and some are okay with it. The best thing you can do to yourself is to make sure rent every month is consistent. The longer you have had the home being rented by the room and you can show proof, the better off you will be.
-Matt
Thanks for letting me know, Matt. Seems like it may be best for me to bring this up when trying to find the right lender for me. Thanks!
Post: Merry Christmas + Happy New Year! GOALS FOR 2021
- Investor
- New Hampshire
- Posts 175
- Votes 75
My goal is to graduate college in December, and start my first house hack in January. I'm looking forward to everything 2021 has to bring!