All Forum Posts by: Derek Brickley

Perfect! Can definitely be a great strategy and down the line there are some creative ways to finance rent-by-the room opportunities, generally Debt-Service loans.

Hey Tomasz!  Different lenders might have their discretion on acreage, but generally speaking Nick is correct as long as it appraises there should be no problem.  Is this a buy and hold, or some other strategy?

Hey Josh!  Not sure what would make most sense, but would be happy to see if we could help.  Weighing the options, it would depend how much equity you would be looking to pull out and your current debt-service.  Definitely are circumstances where one makes more sense over the other, but hard to say from the post.

Hey Albert!  That's a great goal.  Currently househacking a 2-unit at 23.  From a lending side, you wouldn't be able to use the income from a single family home or a townhome though.  Whould you be looking to rent by the room?

Hey Cesar!

Totally agree with Landon.  You can definitely do it as a student, and yes a non-occupying coborrower can be a great option if you have a parent, realtive, etc. willing to go on the mortgage with you.  Feel free to reach out if you have any questions, I used this same strategy for a 2-unit househack.

Hi Rafael!  Is there a particular situation you're working through?  Would be happy to connect and see if we might be able to help.

Hey Stewart!  We have done rent by the room as a debt-service loan for investment properties.  However you may be very limited with that high of a unit count.  Is it a single property with one tax ID?  And are there other properties in the area with that rental strategy?

Typically... no putting a deposit down is not something you need to do.  There are some lenders that will charge an upfront fee, but it might make more sense to look elsewhere.

Hey Nick!

Yes you would need to check how the property is recorded. If it is not legally a duplex, then that would be an issue. As mentioned, there are new rules to help you use ADU income, so that may be worth considering if the conventional route might work.

Hi Chris! Unfortunately with the main home being involved it would need to pass the VA appraisal with the same standards. What are your client's goals with that other home? It may work out to use a VA renovation loan to rehab the main home using the ARV.