All Forum Posts by: Donovan Maskell

@Zach Whicker

That’s what I thought as well, I think it’s a good price to start at and once I find another property to house hack then I can always rent out the master bedroom and that would be a little more expensive as well.

Yes that’s what I’ve said to the agents, and I think they will definitely work work me on that. I just don’t want to take the chance of it messing up and having to sit with those major costs.

Yes sir, how do you go about screening ur tenants?? Do you make use of a program? And don’t worry I am a newbie as well and any help is valuable to me. So I do appreciate the help and advice that’s for sure.

Let me know what you think of that.

@Zach Whicker

With me being a foreigner it's a little difficult to get a FHA loan. So I am most probably going the conventional way but I am only putting down 10% and they are will to accommodate me on that.

The house I might be closing on, is a 3b 2b SFH, I was thinking of charging $600 per room and that includes utilities and WiFi as well. That way I am covering the mortgage pmt and making a little extra on top of that.

I’ve had the home inspection done and it came back positive. The only concern I have is the ac units have reached there life span but are still working perfect. There’s a problem with the roof as well but I’ve asked the agent to speak to the seller and see what they can come up with.

They also suggest something like home owners warranty, that’s suppose to cover things like that?

Let me know what you think of that and if that will work??

@Mindy Jensen

That's fair enough, I will definitely look into it. The property I am looking at is a SFH with 3 bedrooms and 2 bathrooms.

The bottom floor has the master bedroom with a en suit bathroom and the top floor will have two bedrooms and a shared bathroom.

My plan is to rent out the top two bedrooms and me live in the master bedroom downstairs. Yes the house will he fully furnished and both the top floor bedrooms will have beds and that.

And I will include utilities as well and just add that to the monthly rent payment. Does that sounds like a good idea? Or what advice could you give me??

@Mindy Jensen

I gotcha, I was just worrying about all the laws around it. And whether or not i would be able to rent the extra rooms out.

Why would you say??

Yes sir, that helps me. 

I am going to do the conventional loan, but i am planing on living there for a year or two. So i was just wanting to make sure that i am following all the correct protocols. I dont want to break any laws or rules. 

Thanks a lot. 

Hi Twana.

That sounds perfect, i was wondering how that would work. 

My next question would be, Why do they keep asking me if its my primary residence? Will that effect the type of loan i may get? And if its my primary will i be able to house hack without breaking any laws? 

I dont quite understand what i have to do? would a owner occupied loan be the same thing? 

Kind Regards  

What are the laws against house hacking a primary residence? And is it possible to House hack a SFH as a primary residence?

Would i have any legal problems house hacking a single family home? 

Please do advise me?? 

Could someone please explain the concept of a balloon note??

Bank offered me a deal on a 25yr mortgage amortization takes place over the 25 years. But has a 5 year term. How does this work and is it a viable option to finance a home loan??

Please advice

Donovan Maskell.

@Carl Suverkrop oh wow a fellow South African. Such a small world we are in. I’ve been working on a H2A for the last 5 years. So since this year I haven’t done any taxes. But because I am in the process of getting my green card. I have started getting my taxes with held and my accounts are getting all my previous years W2 sorted out as well.

I have question, I would appreciate any advice on the topic please?

I am looking at buying my first single family home, but I’ve run into a few snags so far.

I am from South Africa and looking to finance the purchase. The house is located in the USA and I work here in the USA on a H2A visa.

So far I am putting a 8% deposit down on the house. But it seems like my debt to income ratio is a little high, it’s around 52% and I can get it down to 44% so that’s not a problem. As a foreigner I am not sure what do to and what the best way is.

Please provide some advice on this topic.