All Forum Posts by: Kaitlyn Beard

This seems so basic... but find a podcast and just listen away! On your way to work or school, in the car, getting ready, on the treadmill... you name it! I started house hacking with barely any research, two houses in fact! Then, when realizing I want a third property I started doing way more research to end up discovering this is my key to financial freedom!!! Everyone is different but your finances and goals will determine your moves. I'll speak from my name. I do not have enough cash for a large purchase. I have equity in my home, so I could do a HELOC. Or, I would have to pursue creative financing to come up with cash or find a lender who would allow me to put less than 10% down. Location matters too! 10% down sounds nice, but not in New York City! Not in Los Angeles! However, Texas, Alabama, Mississippi, or Arkansas may be more doable. THAT right there is a 10% down-purchase I could afford. Let me know if you have any questions! Good luck!

Hey Micah! 

It is amazing that you have decided to do this at your age! I am about to turn 22 and I was 19 when I started. You seem to have a great head on your shoulders! I would highly recommend house hacking as I did that with my first two rentals. My personal opinion is it varies a lot on where you go. Obviously if you house hack it will have to be your primary residence. I would recommend looking for a local lender wherever you go, look for portfolio lenders specifically, and if you can purchase a home with 20% down... sweet! If not, there should be local lenders that should be able to lend to you with different terms. These being a possible FHA loan for a 2-4 door multi-family complex and you can live in one and rent the other doors out. This is a term of house hacking, as I am sure you know! Have you done your research on what kind of loans you are optioned to? There are MANY ways to get loans but not all are as good for everyone. Everyone is different! I am happy to help with any more questions because I was in your shoes 3-4 years ago :)

Hey!

I have followed BiggerPockets for quite some time now but this if my first official forum post that I have typed up! My name is Kaitlyn Beard (I go by Keeks) and am in the Air Force. I am in Texas, stationed at Dyess AFB. At 19 years old I bought my first 5/3 home and started house hacking. In other words, I rented out the rooms and the tenants/roommates covered the mortgage. When I discovered what rental properties were and how it is not rocket science to obtain them, I found the right lender who allowed me to get another loan. Keep in mind that I used 2 0% down VA loans for these homes. The second one I am in I also house hack so my mortgages are both paid for. I am now wanting to get another property but do not necessarily have enough cash yet to put down 20% on an investment home (conventional). As of now, I think these are my options. What do you guys think???

Option 1:

I get an FHA loan at 3.5% and find a 2-4 door multifamily and continue house hacking.

Option 2:

This one I did not know I could do until today, unless I can't? It is just what a friend and fellow investor told me their lender said. (I'll be fact checking it with the same lender this week). I was always under the impression that a conventional loan is anywhere from 15-30%. My friend, Ryan, told me I should get a conventional loan at 3-10% down. Yes, I would be paying PMI, but my current house I live in is too big for me and my roommate. I need to run the numbers based off a prospective property I find, but if I got a smaller house I think it would be doable. Don't worry I'll be doing some math!

Option 3 (a little unsure of this one):

HELOC because of the $80k+ in equity I have in my first invested home. Part of me thinks this will disturb my cash flow but I guess not because then I would be able to invest in 2 single family homes with 20% down on each.

What do you guys think?