All Forum Posts by: Tanner Pile

@Mike Lee

Renting out bedrooms is more possible than you think. People are okay to have roommates for lower rent than a 1 bedroom unit. I have also done a furnished bedroom on airbnb as another avenue incase finding consistent tenants is not available. facebook market place and roommate .com are great ways to find tenants. 

 @Maroof Mohammed Farooq

I also do not see many people replacing cast iron to clay pipes. It is usually the opposite since the concern with clay is that it may be crushed long term and cause another problem for you. 

@Sebastian Buckeridge

The more units you can get in your first house hack the better! 

This is mainly looking long term in having a better chance of cash flow on the property. You will also get the experience of being a property manager too. 

@Eric Sato

You would not be able to use a primary residence loan with this idea. When you sign the closing documents you are required to state when you will be moving into the property within 60 days. You would need to do 20%+ down for the purchase. 

@Frederick Wilson

With hard money you will need to refinance out of the hard money loan into a primary residence loan before living in it. Most hard money lenders wont allow you to live in the property. Using a 203k loan or private money will work better for looking to live in the property that needs renovations on a house hack.  Good luck!

@Jessica Tse Welcome!  What type of property are you looking to house hack first?

I like small multi family properties!

@Kyle Janes

You can definitely do that! If you can use one FHA loan now and another right before you are officially married. Would be kinda tight and depends on when you actually sign the marriage documents. You could always celebrate and then sign the documents a few months after hahah. Either way using FHA loans to house hack multi-family properties would be the best way to go.

@Eric Sato

Colorado Springs is a great spot for MTR. There are a few spots I like that have clusters of hospitals and entertainment in the city that will be good locations. DSCR loans are great options however most of them will only qualify the property based off long term rents not MTR or STR.

When I have run my numbers I have found this difficult to do with high rates over 7% and still cash flow. Depending on what your goals are for the property and appreciation play with minimal to no cash flow could work however I prefer to see a little bit of cash flow from each investment. 

On average most DSCR loans require a debt service cover ratio (DSCR) of 1.15 meaning it rents at $1,150 and the mortgage is $1,000.

$1,150/$1,000 = 1.15 DSCR

I have some local lenders in Colorado Springs and Denver that I can connect you with!

@Jamie Cianfarani

You can buy 2-units as a SFH but it will need to be zoned as a SFH and the county assesor must have it listed as a SFH.

Why would you look to buy a multi-family property and convert it into a SFH?

@Dan Keefe I house hack a duplex in Colorado Springs. I do have to pay to live in it but it is lower than what I would pay for rent in the area. I like that I can get equity and appreciation from a multifamily property in a good market and plan to do a refi or HELOC down the road to invest in other properties.

As long as you house hack in a good neighborhood that you see long term growth in, that will be the best thing to get your foot in the door.