All Forum Posts by: Nicholas L.

@Victor Adame the short answer is yes, this is viable strategy.  You can househack over and over if you have the tolerance for it.

@Nader Hachem do you currently rent or own a primary?

@Anna Delos Santos I like gift card at renewal.  I would not waive or discount any bills.

@Sean Andersen

you need to be able to feel comfortable discussing these questions with your realtor.  If you don't... that's a problem.

1. Yes - BUT, there isn't going to be a lot of variation; it's not like Bank 1 is going to agree to loan you $200K and Bank 2 is going to agree to loan you $500K. You might find small differences in rates, points, and how they look at your DTI.

2. Yes - I'd call them "showings" though and not open houses.  An open house is typically a time on the weekend when anyone can simply show up and view the house.  A showing is an appointment your realtor makes for you.  If you send your realtor 8 houses you want to see, you would typically expect to be able to see them soon... although it might depend on how much demand there is, whether the house is occupied, whether the sellers have put any time restrictions in place, etc.

3. Yes - typically you would not work with more than one realtor at a time unless, for example, you were looking in two very different areas and Realtor 1 didn't work in Area 2.  The realtor is investing their time with you and expects to help you close the sale if you find something.

@Addison Robertson OK - would you refinance once you moved out? What's the difference in PITI between the $239K and $255K purchase prices?

@Addison Robertson got it - I'm assuming the $2250 in rents is after you move out and both sides are rented?  Are you planning on boosting the rents somehow, or am I missing something?

@Addison Robertson what are the projected rents and expenses?

@Mary Silva when you say you think you can "net 500-800 extra per month" on your current home, just make sure this is truly after all expenses and not just your mortgage / HELOC.

@Stephanie Ro a lot of the housing stock in the city of Pittsburgh is from the 1920s and 1930s, and so it just stays that way.

Also, I don't know anything about the weather in Melbourne, but most areas in OH and PA have cold winters that are similar to (but not quite as cold as) WI, ND, MN.  There are some slightly warmer cities, like, say, Philadelphia or Cincinnati, but even they still have cold winters.  If you want warm, you would really need to look in NV, AZ, TX, FL.  I think this is a really great thing for you to think about because you are going to have to narrow your market(s) down some way, and weather is a perfectly legitimate reason. 

No photo and no bio - yep, just haven't gotten around to it yet.  I had a photo of an actor up as my profile pic but BP caught it and took it down, which was pretty impressive.  I live north of Pittsburgh and have 4 units so far, I'm looking to invest more in Pittsburgh and also starting to look over some OOS markets.  I'm very happy to help.

@Stephanie Ro you're welcome, these are all good questions.  

Why is an unfinished basement in Pittsburgh not a dream?  Because they typically have low, low ceilings and water issues, so they just aren't going to be a place where you add a bedroom or a media room or more space like you might in other markets.  If you can get them dry, and have a W/D and a little storage space - that's a win.

I think the states you listed are all good options and good places to house hack.  I don't invest in Columbus and Indianapolis but from reading the forums those seem like large cities that are growing but still reasonably priced.  GA and NC are a lot warmer than OH and PA.  =)  Is that a consideration for you?

If I were you I'd RENT FIRST.  You can get your feet under you and study your market - I cannot imagine that this wouldn't help.  Renting in the short term is a great deal.  No closing costs!  When your lease is up... you move out.