All Forum Posts by: Kyle Spinale

Caleb, I forgot to mention that I do have a job so I probably wouldn’t need a co-signer. If I still needed a co-signer I do have somebody 

I haven't been on in a while so I guess I'll break the ice again.

To those who have house hacked (particularly as a student), how was your experience? Did it get in the way of school at all or is it not as bad as people say it is?

I'm going to be moving out of my parents house soon for college (I'm 23) and I really don't want to rent unless I absolutely have to. I have enough saved for a down payment and closing costs. I understand there are risks involved and being a landlord is a full time job; but what I wanted to know is if it's as bad as naysayers say it is.

My dad thinks I should do it and said he wishes he did that when he was young. However, my uncle and girlfriend think it's a bad idea and I'm throwing out my money. Any input is appreciated!

Great question @Greg Weber! 

@Scott Matthew Courtney

I would imagine it's different from state to state; as well as in each county.  I believe that the process is very similar in Monroe county. The article mentioned that the owner has until 1/31/2017 to pay back-taxes from 2014-now and then the properties would be auctioned off in July.  I appreciate the clarification. 

"You're running a bottom line business..." Forget it. 

*What could $25 possibly do to your bottom line?" I think some basic home staples are good; paper towels, detergent, a snack, etc.

I don't think they will see you as a weakling; and they shouldn't see you as some mighty dictator who rules the land either. 

There's nothing wrong with getting started on the right foot. However, if they become a problem and try to get one over on you, then it's time to enforce your rules.

*(If you're talking about a SFR or a small multi-family then it's okay to get a gift. If you're referring to a large multi-family then, yes, it will impact your bottom line over time.)

@Jake Thompson is right. If you must get the property then your best bet is to live there for your year then move out. The risk is not worth the reward so if you don't want to live there try different financing. 

@Adam Juodis

I like the idea of house hacking, it's very appealing. It's a great way to get started. Combining it with a fix/flip gives you the best of both worlds. Thank you for the helpful information and articles!

As I read through the forums, I see different opinions for the FHA 203k loan.

I understand that Brandon from the podcast loves them because it can be great for beginners to start through a live-in flip.

On the other hand, I see other BP members don't like them because they can be hard to get and not every property qualifies. 

What is your opinion and experience with this type of financing? Would you recommend it to somebody who would like to do a live in flip?

That's great. Was that requirement because of financing or tax purposes? If you don't mind me asking, how did you finance it?