All Forum Posts by: Jonathan Escobar

I am new to the provo meet up! I will be leaving out of town the very next day so I am glad that the meet up fit into my schedule. I will see you all there! I'm glad you are doing these meet ups. What have you been discussing in these meetings the last couple times?

You don't have to house hack with multifamily housing. You could buy a house, and live in the basement, and rent out the top floor or just airbnb out your other rooms. From what I have heard, using airbnb can be more profitable than renting to permanent tenants. Think about that and listen to some podcasts about other ways to house hack. Look up forums and articles of other people's experiencing doing a house hack. There are many. Youtube it. You could also house hack with a duplex and if the unit you are living in has more than one bedroom, you could rent out one unit (the one that will give you more rent) and then airbnb a room that you are living in to offset your mortgage cost each month.  

Yes, I would agree with the others. You should find another real estate agent and broker who will hustle to find you a deal. Ask them to put you on an email list that will send you deals from the MLS automatically when they pop up on the market. This will give you a whole lot of options to find deals. You could even go to multiple agents to find you deals and when you find an agent that you like and understands what you want to do, then you can just use them to find your deals every year that you refinance your house after you live in it for a year or more. But you will have to save up enough money to put a down payment after a year is up. This can also be done by private money, or in other words, by borrowing money from a friend of family member who has money that they don't know what to do with. Give them an 8-10% interest on their money and give them some of your cash flow every month. That way, you will have a house and you can do it all over again until you can refinance and get some money back a couple years later to pay them back and own that house with your own money into the deal keeping all of the profits from the cash flow every month.

Are you asking if anyone has any leads? Do you need help? Or are you just stating that you are going to house hack for the BP community to know?

 What if I can buy a house that is a house hack that will give me cash flow of -$400 every month? This is a lot better than renting which is $700-$900 a month for marriage housing here in provo. Then after a year or two, sell it for a profit?

I like the idea from Anthony where you can have an FHA loan and then have your significant other have one as well. That's pretty smart but what about the third house in the third year that you want to house hack??

Why does Brandon Turner keep on talking about how you can do this over and over again? I'm confused how some of these people who say that you can get FHA multiple times are doing it? What is the ideal way to house hack if you don't have stable income to put a down payment?

I have heard a lot about why house hacking is such a great thing to do but I am very confused about what you are supposed to do after a year of being in the house? Some say that you can keep the terms and get a new FHA loan on another house next door and others say that you cannot do that. Some say that you have to refinance the FHA loan to a conventional loan, but what does that mean? 20% down conventional loan? What if you are planning on moving to another house hack but you don't have the capital to refinance and put a down payment on the first house? At that point, do you just go to a private lender? How do you compensate them if you can't quite do a BRRRR method and give them their money back in a short period of time with interest?

What do you do to TRANSITION FROM HOUSE HACK 1 TO HOUSE HACK 2?

 So what should I do in order to start investing if Utah county is not a good place to start an investment?

 So I have heard of people who house hack after one year to another property. How does that work? Lets say that you have a loan for $60,000 with an interest rate of 4% (For simplistic reasons, lets leave out mortgage insurance). After year one, you will have paid 12 payments of $436 each month about. After one year, you will have paid off around $1056.62 if you are going to refinance the house, you will only have $1056 of equity into the house because all of those payments were pretty much just interest. You were not cash flowing because you were living in the house and paying the difference. So would you have to come up with private money in order to refinance the house if you were to move into another house? (come up with 20% of $60,000 = $12,000- $1056=$10944)??

What options would I have if I don't have the capital to refinance and make a down payment on the house after a year?