All Forum Posts by: Colton Schrader
Colton Schrader has started 1 posts and replied 3 times.
Quote from @Mathew Pezon:
Great responses above ^^ Definitely great info. I would add that once you buy, the key is to manage right. You can cut off a couple hundred to thousands of dollars here and there by getting the right loan. But if you rent to the wrong tenants not only will you have a bad living arrangement but all that research for the right loan product goes out the window when you have to do a $10k+ turnover. In summary: buy right, finance right, and manage right. Good luck!
Quote from @Bruce Lynn:
Depending on where you want to buy or where you live now, there is a pretty neat deal now with Wells Fargo where they will give you $10,000 for closing or down payment. Of course lots of restrictions but worth looking into. It can be combined with other assistance programs as well.
Probably the best house hacks I see right now are 4bed 3bath homes vs the duplex or ADU homes. We just don't have a lot of duplexes or homes with ADUs and what we do are fairly expensive and so often the numbers don't work well. The single family and rent by the bedroom is probably the best option right now for most people.
Thanks for the insight I will definitely look into the Wells Fargo grant!
Hey BP community,
I'm a new investor that just recently graduated college and have been storing money for a house hack for about 6 months now. I was wondering if you guys have any advice or tips on a successful house hack. I'm going to be starting the preapproval process in the next few weeks. My goal is to purchase a duplex or more than likely a single family with an ADU in the Dallas area and live for as close to free as possible. I know this might be difficult with rates like they are right now but I was thinking about living in the ADU and renting out the main unit (not sure if this is against any rules). I also might rent out a room if space allows. The goal is to be able to cash flow when I move out after a year. I'm planning on financing it through a FHA or potentially a 5% down Fannie Mae loan. I just read in an article that ADU's can now allow borrowers to use 75% of the estimated rental income from and existing ADU to qualify for a mortgage which may help with helping me get approved for more. Have yall heard about this new policy? Thoughts on my plan or problems I might run across or advice from other house hackers would be super appreciated!!
Big questions I have
Fannie mae vs FHA loan?
Favorite markets in the DFW area or ways to analyze?
and rules regarding living in the main unit vs the ADU and which ones you can rent out?