All Forum Posts by: Ramon Cuevas

You're very welcome. House hacking is a very common term used here in BP, basically if you decide to buy a fourplex using FHA financing, you get to live in one of the units to meet the owner occupancy requirements and rent the other 3. Ideally, the rents from these other units should cover all of your expenses and you can maybe live rent free and also cash flow.

Welcome to BP, Larry. As you stated in your post anything over 4 units is considered commercial and would not qualify for FHA financing. I think a good idea would be to try and find a fourplex, buy it using an FHA loan and house hack for a year. During that time learn everything that you can about commercial real estate and start to build relationships with people who are already doing what you want to do.

Your request to leave 30 minutes early once a week is not unreasonable. Would they maybe allow you to take a 30 minute lunch on those days? I was very unhappy at my job and knew that I was not going to have the flexibility to work full time and do real estate so I decided to quit 5 months ago and have not looked back. I did manage to save about a years worth of income before quitting and also have a 401k that I can tap into, if needed. I have not closed any deals as of yet but as others have said on this post, it does take some time to make money and gain some traction in real estate.

Good luck to you.

Hello Kyle,

You are usually required to owner occupy a property for at least 12 months with an FHA loan and can only have 1 FHA loan at a time. If you decide to house hack and leave the existing loan in place after a year you would need to go conventional if you bought another property.

Good luck!

Ramon

Hello Carl,

I worked for a Reverse Mortgage company here in Texas and in NY we used Stein, Wiener & Roth. They handled foreclosures and any kind of litigation for our properties there. They are also very familiar with the short sale process.

Hope they can help you or at least point you in the right direction.

Ramon

Hello Ruben,

I will need to follow up with the seller to see if the property is still available. If the home is not too far from you, please check it out and let me know if this is something you would be interested in. We only deal in Austin and the surrounding areas but I would love to partner on this deal if you find it suitable. We pay for a lead service and my goal is to try and monetize every deal that comes through.

The Comal Hays REIA is having their meetup tomorrow @ 10am. Grind House Coffee shop. 109 W Center St Kyle, TX. I am hoping to be able to make it and see some of you guys there.

Hello Kevin,

Have you considered maybe asking the seller to keep the existing financing in place and buying the property subject-to the existing mortgage? You stated that the property is in foreclosure, if that's the case you will need to have the seller request a reinstatement amount from the bank and see what those numbers look like in order to determine if this is a viable option for you.

Good luck!

Hi Evan, 

I would suggest you google the term arm's length transaction before doing anything. This sounds like a recipe for disaster.

Good luck and keeps us posted on what you ultimately decide to do.

Hello Alex and welcome to BP. Do you own a primary home? If you don't, my advice would be to start there. You can find something that needs a little bit of work and house hack which means live there while you remodel at your own pace. My family and I recently bought an older home in an up and coming area. We have plans to update the kitchen and bathrooms while living here for at least one year in order to comply with owner occupancy requirements, once the year is up we could sell for a profit or rent it and buy another property.

Good luck!