All Forum Posts by: Tomas Nuno

Hey all, does anybody have a good general contractor they work with in the Modesto area? I've inherited a single family residence that has been completely thrashed by tenants and am looking to do a big rehab. Thank you and let me know!

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Modesto/Merced, California

Thank you for the insight @Alecia Loveless Where do you usually house hack if you don't mind me asking?

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Quote from @Rick Albert:

I'm on my second house hack (condo) and then my wife and I house hacked our ADU/Main House. First we lived in the ADU and the moved to the main house.

The next house we buy we don't intend to house hack, unless it is some great deal.

If you can house hack here, I would start here before going out of state. You can utilize equity and appreciation to then buy out of state. That's what I did.

Very cool Rick and congrats on your successes! Definitely would be great to house hack here in CA, it's hard for me to qualify for anything based off my conversations with mortgage lenders.

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Quote from @Jana Crum:

Hey @Tomas Nuno, one of my friends is in a similar situation. Her significant other bought their residence while she bought an Airbnb (very successful!) and pays rent in their primary. Technically it's a house hack since you are reducing the expenses coming out of your personal pocket.

However, if you guys are looking to build your finances together as a unit and you look at it as all money coming into the home is in one pot- then no it's not a house hack. Since from this viewpoint money is coming into 1 pot & coming out of that same pot to pay for your housing expenses, there's no discount on the household housing expenses. For your situation, I think it is all about how you look at your & your girlfriend's money.

Why not look for a duplex or a property with an ADU so you can do a true house hack & just live together with your girlfriend without trying to force a house hack from a roommate situation?

Thanks for the insight Jana! And yes makes sense about how we look at our money. A duplex or ADU could work, I was interested in single family houses because in some locations Duplex's/ADUs are less common and SFH typically cost less.

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Quote from @Rick Albert:

Yes, I did it with my wife and we are still doing it. There are a couple of things you need to consider:

1. What are each other's goals? This is in the short term and long term.

2. What are your tolerances? My wife didn't want roommates but was willing to have a second unit on the property, as long as it was private.

3. What is your current financial situation and how does that fit into house hacking?

Do you and your wife stay in one market or do you move around often?

1. Goals short term are to have our own space together. Long term is to have a long term investment with a back up plan of flipping the property.

2. Definitely no roommates, were hoping to have our own private spot. Either a duplex or a second unit property depending on how private it is.

3.I have around $30k saved and live in California. I'm looking at other states to invest since it's so expensive here in Ca.

Thanks for the insight and questions Rick!

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Thank you @Anthony Swain!

This might be a dumb question but would it be possible to use my significant other as my "roommate" to qualify for a house hack? For instance if I was buying a single family house 2bed 2bath, could I say she was going to be renting one room and will be paying X amount. Would that qualify as a house hack?

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Hey all, is it possible to use the house hacking strategy when buying a single family house with a significant other?

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Quote from @Rick Albert:

Quote from @Tomas Nuno:

@Rick Albert That is a great idea, the problem I am having in CA is that the lenders I’ve spoken with have told me I don’t qualify for a necessary loan amount based on my income, even if I were to do a house hack. I haven’t introduced the idea of doing a mid term rental while I was gone, would that change my potential loan amount?

It wouldn't change your loan amount because lenders are conservative.

You could explore 2-4 unit properties because lenders will count 75% of the actual or potential rents (whichever is lower). They just won't count any income from the unit you would be occupying.

Got it, the 2-4 unit properties was the route I was exploring in hopes of using the rent income to help qualify for a higher loan amount.

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@Jonathan Taylor Got it Jonathan thanks for the info!

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All Forum Posts by: Tomas Nuno

Tomas Nuno has started 8 posts and replied 36 times.

Post: General contractors for a rehab

Post: Is it possible to house hack with you partner?

Post: Is it possible to house hack with you partner?

Post: Is it possible to house hack with you partner?

Post: Is it possible to house hack with you partner?

Post: Is it possible to house hack with you partner?

Post: Is it possible to house hack with you partner?

Post: House Hacking while living abroad

Post: House Hacking while living abroad

Post: House Hacking while living abroad