All Forum Posts by: Tanner Pile

NACA is a great program but have rules around renting out the home when moving out if you were to do a house hack. They will require you to sell which could be a good way to gain equity for another deal but would not get you closer to owning multiple rental properties.

@Joshua Lurz Seems like it will be quite the rehab. Have you done a rehab similar to this?

@Ethan Davis

What is your reason for looking in Ohio?

Many go there for cash flow. Is that what you're looking for?

LA to Ohio will be a huge change in life style. Is that something you're willing to do in order to reach your goals from house hacking? 

@Stefan Demopoulos

If you purchase a duplex you can work around the self sufficiency test that 3-4 units have. I would also as your lenders what the exact reason is for you not being able to qualify and then see how you can resolve it. If they are not giving t=you the specific reason for not qualifying and are not trying to help find a way around it, then they are likely not a good lender. 

You will be told no many times before finding the right deal. If you constantly keep trying to find your next deal and ways to purchase it, you will be successful. 

@Jesse Dickens

I have a friend that has a bit of experience in this. I have heard many things about credit stacking to create income and also to have access to capital quickly for deals. But you better have a plan for when you do use the credit on deals to make sure you do not get stuck paying loads of interest on them.

@Michael Vialpando Do you have any advice for using credit cards and investing?

@Jean Pierre Jabo

You will have to do 20% or more for the down payment if you're not living in it. DSCR loans can work but with the higher prices in Colorado the rents do not make sense to get you cash flow. Doing a mid-term or short term rental could work but you will need a lender that can qualify the loan based off STR rents. Most DSCR lenders will only qualify based off long term rents which do not meet the DSCR ratio of 1.15.

DSCR ratio = Net Operating Income/Total Debt Service

$1150 Rental income/$1000 mortgage = 1.15

Creative Financing can be possible but will take some disciplined work to find and for the numbers to make sense on sub to deals in Colorado Springs. Seller finance has potential but will depend on what you want for cash flow and down payment. And requires work to find those deals off market. 

@Max Lichtenstein

Bigger pockets has standard leases for each state on it's website and you can customize them to your liking

@Ryan Thomson

Did you keep you same interest rate?

@Tiffany Onwudinanti

@Cody Gulseth

House hacking and renting by the room is a great strategy even for single family homes. You could possibly target renters that are also in the military. 

I would also look at zoning laws and got to a real estate investor meet up to see if you can convert a single family home into 2 units or do a garage conversion.