All Forum Posts by: Edward A.

Are you looking to buy SFRs all in the same neighborhood? Would you be living in one?

Each lender has their own policy and guidelines regarding refinancing. I'm sure if you call around, you'll find a lender who's willing to do it before 12 months.

I would not put your own home in the same LLC as other businesses or investment properties. Main reason to do an LLC in the first place is to limit your liability if something were to go wrong and you get sued.

No, this is not accurate. As mentioned, different lenders have their own criteria. But generally, you can go the FHA route with a 1-4 unit property.

Keep communicating with different lenders to learn more about the whole process. Talk to at least 5 and you'll learn what is specific for a particular lender and what is allowed by FHA that most lenders follow.

As mentioned, potential income won't cut it. But if there are active leases in place, you can include 75% of that rent in your income (excluding the unit you'd have to live in).

You can go up to 4 units with an FHA loan. If there are tenants in place with active leases in any of the units (excluding the one you'd have to occupy), then a lender will count 75% of those rents towards your income when qualifying for a loan.

If you're talking properties above 4 units though, then it's a whole different ball game.

You can use FHA for up to a 4 unit property. If your banker is saying only 2, then that's most likely their own guidelines. I would call other bankers in your area for their protocols with FHA.

Thanks all.

James, I'll pm you.

Hi all,

I'm looking to house hack my first property in Philadelphia. What are some of the main differences with landlording in Philly vs outside of Philly in PA? 

I know transfer taxes are higher and there may be some special licenses I need to acquire. Anything else to consider?

Is this an effective contingency to have on a purchase agreement offer?

I'd like to get an attorney involved with reviewing all of the documentation pertaining to a purchase agreement, but not until after the seller has accepted. Is this a common contingency used? Can an attorney completely overhaul the offer once they review? Obviously I wouldn't want to make big changes if the seller already accepted, but I'm just wondering what kind of freedom I have here.