All Forum Posts by: Eric C.

 Freedom, the ability to travel and rock climb more, combined with lower cost of living.  It is something I have done multiple times in the past.  So for house hacking, I would get a multi-unit place, and even in my "permanent address" I would rent out a room or two.  

Any advice?

Let me start by saying that the BP forum has been amazing so far.  

Now to my question/thought process.  

I am 1099, great credit, high income (9k monthly) low expenses (2k monthly) and have 75k in cash reserves and own my house outright at 140k.  Problem is I can't qualify for a conventional mortgage until after my 2017 taxes are filed because of the 2 yr requirement.  

I also am moving out of my house this week, and have secured a tenant for 900 per month, which will add to my income, as I work remotely living in my van.  

I want to eventually get a 2-4 unit to house hack in early 2018, and to acquire some buy and hold properties to rent out separately.   I could go with hard money now to get started, or buy TK and deplete my cash, but my thoughts are to just wait till after I file taxes in Feb, do a house hack, and then immediately cash-out refi on my current property that I own outright.  

Thoughts? 

I hate sitting on the fence, but I also hate to have a lower COC ROI if waiting 7-8 months would allow for substantially better leverage.

Sabrina, why did you move to Memphis?

Where are you getting TK properties for under 50k?

I thought about doing something in Flagstaff AZ where I do 10 month leases for students, and then AirBnB during the summer.

 Please clarify.  I had rental income in 2015, but not 2016.  I will have it in 2017.  

Do you have to have two full years of tax returns with rental income (for example 2015 and 2016) to use it for DTI purposes?

 Can anyone confirm this?

I found a lender that will do lending based on the property itself and its rent, not the DTI of the borrower. http://www.visiolending.com/