All Forum Posts by: Lupe Camacho

Re-reading my initial post, I'm realizing I worded my intentions in a strange way.

I am 100% looking for a house hacking rental-type situation. However, the multifamily market is somewhat slim pickings in Portland, OR right now. If the opportunity should present itself that a SFH pops up that I could house hack to reduce or eliminate my living expenses and save for another property, I've been considering doing that.

I don't want to be on the sidelines waiting for too much longer as my rent just went up — I'm wanting out.

You all are definitely inspiring me to stick with the multifamily from the get-go. I'll just keep saving and searching.

@Sandy Gabin that's brilliant! I'm following you now so I can learn all your secrets; you're doing exactly what I want to be doing.

@Manny Cirino thanks for the tip! I submitted 3 applications yesterday. Two were recommended by my realtor, and the third is with my credit union. Hopefully no shady business, but I'll be going through the docs with a fine tooth comb.

Thanks @Joseph Cacciapaglia! Appreciate your help

Hi!

I'm about to apply for a mortgage with several lenders to shop the best rates. However, I started in on the first application and have to select either single or multifamily. I'm open to both at this point and it's more of a question of what's available and what the numbers look like.

If it's a SFH I'm open to house hacking, but in a perfect world I'd get a multifamily. Should I just choose multifamily on the application? Are the rates similar? Should I ask for rates for both after I submit for one? I was reading that the approval process on a multifamily mortgage is more stringent, so I'm guessing I should start there (?).

Thanks for taking the time to read this! I've obviously never done this before. :)