All Forum Posts by: Wade Currie

I am familiar with the traditional house hack whereby an owner occupant uses a low down payment loan (typically an FHA product) to purchase a 2, 3 or 4 unit property.

I have found an off market opportunity which I would like to house hack. However, it is not a traditional small multi family asset. This particular property is a main house and a detached guest house / ADU. Has anyone had any experience obtaining an FHA loan for a similar type property? I do not suspect the negotiated purchase price being an issue as far an appraisal is considered. I have had underwriters in the past question the feasibility of an FHA or any type of low down payment loan for a property where all the units are not under "one roof" like a traditional small multifamily.

Thanks!

Jack, It's great to see young new investors in the Wilmington, NC area. If you wouldn't mind replying with your email I'd like to send over some information!

Jason, If you're still going I will see you shortly!

Gwen, Wilmington is a very exciting place to be involved with real estate! There are opportunities in just about every niche you could imagine in Wilmington and the surrounding areas. Check out the Coastal Carolina REIA https://coastalreia.org. Their local meetings are a great place to learn and network!

Thanks so much for the reply and the helpful insight!

I am currently a student at the University of North Carolina Wilmington and interested in the buy and hold model to create passive income. I realize the potential cash flow opportunities (as well as possible headaches) in renting to college students. Before the age of 25 I would like to acquire at least one property within a mile from campus. My question is what exactly allows you to charge on a per room basis as opposed to renting the house as a whole unit?

Entrepreneur and full time college student. Familiar with my local market, interested in buy and hold rental property investment after graduation. More specifically small multi families and the college rental market.