All Forum Posts by: David Zimmer

Thanks Celine. I spoke with a loan officer the other day (more of a getting to know you and not talking specifics) but the idea with FHAs is that you cannot use an FHA like an investment loan. There are possibilities if you have a life change - like moving for work or a growing family. From what I understand, the best case is to go from a quad to a triplex to a duplex if using FHA as it shows you are growing into more space. Whereas going from a single family to a quad would kind of be going backward and underwriting would only see it as an investment. My hope is that there are other 5% down options.

I'm not totally clear on this concept. I'm already in a 15 year mortgage on my townhouse and would like to roll into a house hack. From what I understand, I could not use an FHA loan to go into a duplex since I already own and live in a property. Being that I want to live in the duplex, are there other 5% down loans that I could qualify for?

Thanks Nicole! I'm doing the same - talking to people I know in the area and gathering what info I can. I think will create a listing a couple of months in advance and see what kind of interest it receives. Thanks for the reply.

I'm reading 30 Day Stay and am considering renting my 2/2.5 townhouse as a MTR. It is close (2-3 miles) to the hospital, downtown and the two universities in town. I've looked at the Furnished Finder stats (below) but am not sure how I could determine what kind of vacancy and demand I could expect. I've compared these stats to a nearby similar city (Gainesville) and the stats don't differ too much. One observation is the number of private units there is 5, where in my city there are 22. Obviously there are a whole lot of factors, but maybe people here have some additional recommendations. Thanks!

I am considering renting my 2 bed, 2.5 bath townhouse as a medium term rental. I'm less than a couple miles away from the primary hospital in town which utilizes travel nurses. In order to make a profit I would have to charge close to $2k per month. I would think it would take a pair of travel nurses to afford something like this. Do nurses travel in pairs and book together? Or would it make more sense to rent the two bedroom separately? Anyone have experience renting room separately in this way?

Great info everyone. My W2 should support it so I'm going to think about taking the next step of talking to a lender. Thank you!

 Wow, fantastic. Thank you!

 Thanks - maybe it would make sense to talk to a lender to get the ball rolling. The current loan is a conventional 15 year at 2.75.

I currently own a townhouse and am interested in the house hacking idea. Given that I already have a mortgage on my current property, would I have to sell this one if I were to want to move into a triplex in a house hacking situation? Is this the only way that you could get into another property with only 5-10% down?