All Forum Posts by: Nolan Chandler

@Alfred Hall I have not personally used a product like this so I cannot speak from experience what they need specifically besides the usual DTI, reserves, plans, etc. I would definitely speak to multiple lenders to get an idea of what they are looking for/need. This way you get it straight from the horses mouth, and you get multiple quotes at the same time.

@Hansel Gunawan BiggerPockets has many articles to help give broad analyses on various markets.  Really the super zoomed out view should be where there is strong job growth, population growth, and a good price-to-rent ratio.  Of course there are more variables and it gets more detailed than this, but this is merely a starting point to narrow down markets that you really want to invest for research in.  Once you do that, I would get referrals to good brokers/property managers in the area to get their expert opinions from their numerous years in the area.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hey, @Hansel Gunawan! 

So, in sum, house hacking can be when you are able leverage low down payments in order to control an asset (use an FHA loan and rent out the other rooms/units, use the VA loan with no down payment to ultimately turn the property into a rental property, etc.). This strategy acts as a low barrier to entry to allow someone with little capital to enter the investing world, to build equity, and repeat the process to continue to build their portfolio/wealth.

I would be happy to go into more detail should you ever want.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hey, @Michelle Richardson!  Although I am a practicing attorney in California, this goes to say that I do not practice law in Florida or any other state that this college town is in outside of California--so, this is not legal advice.  However, my first instinct would be to have a local attorney draft up a lease to use for the other bedroom rentals to guarantee (hopefully) that it will be exactly what is needed for the area and situation.

Otherwise, you could check out various online management platforms that offer state-reviewed and approved generic leases, but even then those should be reviewed by a local attorney to verify.

Hope this helps.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hey, @Brent Carpenter.  I use Avail, and that performs all of the tasks that you listed all in one platform.  I got a moderate amount of interest, which was okay for me to do.  But, as @Bob Stevens mentions, if there is a ton of interest, it may put a lot of work on you. In that case, best bet may be to hire a VA/support staff or work with a PM.

Hope this helps, and would be happy to detail more if you ever wanted.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hello again, @Jimmy Rodriquez! If I understand your question, there is no requirement that it has to be for an entire family or renting out per room.  For practicality, that may be a different story with pros and cons to doing it either way.  Most lenders just need the intent to owner-occupy, and then after a year you feel that that is the right time to move on, you should be able to rent it out by the room or for the property as a whole.

Let me know if I missed the point of the question, and if so, I will revise if I have relevant insight :)

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hey, @Dan Gaudet!  Great that you are planning ahead with goals.  I would say that the most stable way forward is to house hack while in college or just after college.  I agree with others who have already posted that continuing to grow in education and getting your name out there can help in being able to partner with others.  Once you get some footing established in wither house hacking, sweat equity with partners, or both, then you can branch off and build your own portfolio or continue to grow with others.

There are a million ways to go about growing, so just keep learning and soon begin to take action.  Best of luck, and happy to go more in detail on anything if you ever would like.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

@Jimmy Rodriquez Absolutely anytime!  I saw that it was similar so thought to share ha

Hey, @Jimmy Rodriquez. 

So, to start, I am not a lender and would always recommend speaking to lenders first to get their perspective on whether to "yay" or "nay" your situation. Now that that is out of the way, I can share my personal experience. My father and I went in on a deal where I am the borrower and he is the co-borrower on an investment property. This was a conventional loan. Earlier this year, we moved to the other side of the country for our new primary residence with an FHA loan. This shows that despite previous active loans (one co-owing with another), I was still able to obtain an FHA loan for my primary residence. Hope that this gives you at least a starting point for your endeavor.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Congrats, @Brian Seaman!  House-hacking early on, as others have already mentioned, is a great way all the way around to get into real estate investing.  Brandon Turner's books, The Multifamily Millionaire Volumes I & II are great for learning how to get in.  As you scale, one book that can be useful is Who Not How by Dan Sullivan and Ben Hardy.  Would love to share more if you ever would like.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013