All Forum Posts by: Nick P.

@Joe Fraga

Yes the cash flow is there post renovation. Property is a block away from the town center's train station. Propdrty needs work though. I'm really worried these tenants won't leave right away and I'll be under on my first few mortgage payments. I'm concerned mostly with the eviction process during covid, if it goes that far.

So I'm looking to purchase a triplex right now. All of the units are occupied. The rents are much lower than what I will need them to be post renovation. They are currently month to month. What steps should I go about doing this?

@George Diakomihalis

You probably need to lower your DTI by showing more income. Maybe a lender on here can help you! Good luck!!!!

I don't see a BP calculator that incorporates house hacking. Would I use the rental calculator for that?

@Steve K.

Awesome! Thanks!

Thank you for your replies.

@Tim Herman

Of course I didn't mean it with bad intentions. I came at it more of the angle that I'd need time to pack up my stuff, get movers, etc. Would I need to move in right away following the close of a deal?

If I'm house hacking a i.e. multi unit building, with an FHA loan, do I have physically have to live inside the one unit? I'm obviously not going to rent the owner occupied unit out, but do I physically have to be there or does it have to be somewhat furnished? I also understand I could rent out a bedroom in my unit, bust just curious if I have to be there or prove I love there i.e. mail?

@Andrew Freed

Apologies just noticed you wrote that earlier. Can you elaborate how the lender pays you for accepting a higher interest rate? I guess I sorta understand the mutual benefits.

@Luciano A.

Luciano, I'm relatively confident I can find the right moving parts (GC) in order to move forward. My wife owns a title business and in that same building there is a mortgage broker, real estate attorney and a realtor brokerage. My issue is going forward and putting the past behind. I love this forum and this thread alone has opened my eyes to the possibilities.