All Forum Posts by: David Wicks

First off, thanks for the reply. That is what my understanding was too, fortunately I did claim the other rooms as rental income for 2020. My 2020 tax return will reflect that, so hopefully that helps when it comes to the DTI situation. As far as lenders I have a couple that I have reached out to, but I will definitely continue to keep my options open. I like what you said about keeping the FHA in my back pocket though. I will have to look further and see what kind of options I have available to me. Really appreciate the help Mr. HouseHack

@Torrell Palmason thank you for the clarity! I thought so but I definitely wanted to be sure. Appreciate you sir!

Hello everybody. So, I purchased a my first home (house hacking by the room) with USDA financing in July of last year. I am coming up on 1 year of occupancy and I want to use favorable financing to purchase a multifamily househack next (preferably a duplex, or triplex) My question is can I qualify for FHA owner occupied financing on my next purchase. I know there are rules surrounding having more than one FHA loan, but what about when you have USDA financing? Is it permitted? I look forward to hearing from you guys. Thanks

I am located in San Antonio Texas. And I'm having a hard time getting in contact with lenders who will give a preapproval for a cash out refinance. I want to be ready to go with a hard money lender and one of the requirements is to have that preapproval. If anybody can recommend a bank or credit union with favorable terms: 75% LTV, six months seasoning requirement, etc. I would love to hear your experience and recommendations. Thank you!

@Isaiah Garcia same to you brother! You got this 🙌🏾

Hey Isaiah! I think you're making a smart move with the rent-by-room house hack. I am currently 6 months into my first house hack. It's a 4 BD 2.5 BA SFH in San Antonio, TX. So far, the experience has been great.

My situation is unique in the sense that I live with my brother and 2 of my best friends. So I would say that my greatest success thus far has been that I have had very little trouble in the way of finding tenants/vacancy. 3 of us lived together in a house we rented previously so the transition to buying made alot of sense. 

The numbers work out so that I basically only pay about 100 bucks a month out of pocket. For you and your price range I recommend areas close to a lot of attractions (for example I live fairly close to Seaworld and a lot of shops/restaurants). Also, there are always military service men and women looking for an alternative to base housing so a home nearby to Lackland or one of the other bases would make a lot of sense. I'd look in areas close to 410 and 90 or even out by 1604 and 90. There should be plenty of inventory in your price range. Also, I would say San Antonio renter pool is rarely low because of all the job opportunity and growth going on here. Thousands flock in daily.

Of course make sure the purchase is still within your means when occupancy is not at 100% and always provide lease agreements to all tenants. As long as you follow typical landlord rules I think it will be a great move. Let me know if you have any additional questions and feel free to DM if need be. Good luck!

I'll be there! Looking forward to seeing everyone again. See you guys soon. 

This sounds like a blast! Count me In!

@Leopoldo Vazquez

That’s exactly right Leopoldo! I have actually made contact with a hard money lender this past week. We talked numbers and found out what my options were as far as financing for a cash deal.

As far as finding deals suitable for BRRRR, I have reached out to a few wholesalers who can get me some great off market deals hopefully, but MLS access would be ideal because like you said, there are some BRRRR's to be found there as well. Not to mention pulling comps is much easier using the MLS. Thank you for your response! I'll shoot you a DM.

Best of luck to you as well!

Good afternoon, everyone! I'll try to keep it pretty short and sweet.

I am a 22 year old homeowner and newbie buy and hold investor looking to create a network of professionals and investors alike. My current long term goal is to build a rental portfolio that surpasses my current income from my W-2. 

My target market is SFR in my hometown of San Antonio, TX. My preferred strategy is BRRRR (I know, so original haha). I am in this for the long haul and I understand that your network is one of the most important pieces to help attain any REI goals.

Any who, I hope this finds you well. Reach out to me, connect with me, and let me know how I can bring value to you and your business as well. Thank you for reading. God bless.