All Forum Posts by: Roshan Patel
Roshan Patel has started 1 posts and replied 3 times.
Originally posted by @Luke Trovinger:
Hey @Roshan Patel! In a competitive market, down payment is definitely an item that I've seen sellers look regarding the competitiveness of the offer. That said, there are other ways you can strengthen your offer such as putting a dollar threshold on any potential inspection objection, offering an appraisal gap, escalation clauses, etc. FHA offers still get accepted! House hacking is a great way to start out, best of luck!
Thank you for the reply! Also, really enjoying the FI podcasts!
Hi All,
I'm new to the forums and real estate generally. I was interested in house hacking in NoVa/DC and was curious about others' thoughts with respect to feasibility and any personal experiences house hacking in this area. I currently have $60K cash toward a house. One of my concerns was using an FHA loan - I heard it's hard to win offers using a low down payment FHA loan since so many people are getting all cash offers or are using conventional loans, is this true?
I realize I won't cash flow while occupying a bedroom in a single family home, but my main goal is to just drastically lower the living expenses I'd have if I otherwise wasn't house hacking (ideally so that I'm paying around 1200-1400 toward the mortgage). Ideally it would cash flow once I move out.
Thanks!