All Forum Posts by: Erwin McClain

Hey Erik, 

Thanks for your response.  Yes, I plan on keeping it (making it my primary) while house hacking for a year or two, then moving on to the next property & repeating the process again

Hello everyone,

I'm looking for opinions & thoughts. I 'm currently looking to purchase my next property and i'm on the fence between a HELOC & a heme equity loan. I've been working on getting about $80K out of my HELOC with a homestead loan built in for rehab, my lender suggested a home equity loan now for pretty much no money out of pocket for about $30k which would ultimately make my payments lower. Purchase price would be about $250k for the property.

Suggestions are appreciated,

Thanks,

I don't anymore, I did once & it got kinda ugly.. But as per DC law, I was able to charge 1/2 of the rent to the other tenant.  So it was $800 + $400 ($1200 total at the time, this was in 2010) so on paper it was ok but things didn't work out.

I use a PM software (background check, rental history, application process, etc). Along with my personal house rules, policies & procedure, etc.  Nothing wrong with hiring a company, depends on what works for you.

FHA

Hello BP members, I have a quick question:  I'm looking to purchase a house hack property by the end of 2025, my concern is after getting the property and rehabbing it.  Once its done, how can I ensure that I can refi into a 30 year mortgage.  Won't my credit take a hit ? what about D.T.I. ratio with another mortgage being added to my credit ?

I had rental properties out of state but I have been renting rooms in my primary residence for over 10 years since my 2 boys have moved out. I stay in the basement, I went thru ups & downs like everyone else,  What has worked for me lately is renting to senior men (55+).  They tend to stay to themselves, not a lot of company or complaints.  This is the most peace I have had in years.

@Derek Brickley Thanks for your response

Just curious, has anyone used "Globus Lending" for deals recently ? Looking for lending for house hacking

Thanks @Greg Kasmer, that’s exactly what I was thinking. Just looking for some options & opinions