All Forum Posts by: Jerome Morelos

Congratulations on your deal! 

Hello BiggerPockets. I plan on house hacking a 2-4 unit property within the next 12-18 months. What are some of the requirements to qualify for an FHA/203k loan? Also another question, should I pay off my debt first before I start house hacking? I’m still able to save 50%+ of my income after all my monthly expenses; therefore, should I continue to make the minimum payments towards my debt and save capital? Thanks.

Did you include Vacancy, Cap-ex, and Property Management as part of your expenses?

Welcome to Biggerpockets!

Definitely a SFR or a 2-4 unit to house hack.

Andrew Berrios Welcome! I am also from the I.E!

Jalisha Oracius Welcome to BP!

I would find a great real estate agent and have them send you automatic email alerts. That way, when a property that meets your criteria hits the market, you’ll get notified. Other ways is to go on Zillow/Redfind/Realtor.com and find properties yourself.

Is there a rule of thumb for calculating the closing costs of a SFR or Small-Multi Family property (when purchasing)? 1%, 2%, or 3% of purchase price?

Lee Fahy Hey Lee. Did you include “PMI” as part of your expenses?