Thanks for making this video. Its rare to find real, helpful, and to the point advice without someone trying to sell you something. Just subscribed and Looking forward to more content
Nicely done, Lili! :) Good details to know. I have a couple rental condos too and just hit the Net Zero monthly housing costs across all three properties now. Income from the two condos pay for all three units condo & hoa fees and property taxes plus a small second mortgage payment on the third property.
Didn't know or consider you can reclassify a duplex (or other) back to single family. Very good to know since down the line a SFH will probably be easier to sell than a multifamily. Also don't feel bad about 90 days. To refinance our mortgage we went through a 5+ month process because of tiny details that took forever to fix...
That's such crazy! I can't believe they made you do that to the property like that, several SF homes have multiple kitchens. Glad it worked out in the end!
This is great information! Congrats on your first House Hack. If for some reason you were unable to get the FHA board to accept as a single-family and decided to move forward with the purchase at 25% down, changing financing to a conventional loan could be an option to explore to minimize the closing costs:)
I like all the insights you gave in this video about your experience with house hacks. If anyone is looking for more personal experiences, I posted a video on the same subject earlier today talking about my current hunt to find a house hack and why I chose to do it.
It's good information for people to understand that buying a duplex may require a higher down payment. Unfortunately she didn't mention the biggest unforseen hurdle that house hackers really have, and she may have made it worse for herself by changing from a duplex to an ordinary single family home. Many counties have zoning ordinances for Single 'Family' houses, and if you look into the definition of 'Family' in their ordinances it will say something like "blood related OR no more than X unrelated people', and sometimes X can be as low as 3! So if you need to have multiple unrelated renters living in the same single family house, all it takes is for one of your neighbors to get irritated with you for any reason (like parking) and they will call the county on you and DESTROY your ability to rent out rooms.
But you can’t sell or refinance the house for 7 years if you use down payment assistance or you have to pay it back, correct? At least that’s what it says in Ohio
To be considered house hacking you must live there and if u live there u will have no problem getting FHA. This sounds more like u had trouble getting a rental property with FHA and that’s normal.
I'm wondering about the legal requirements around renting a duplex that's officially a single family... I'm also worried about unpermitted additions. I'm having a hard time finding any down payment assistance that allows multifamily properties. Thanks for this useful video about your experience!
Are the requirements for the owner occupied co signer the same as any other co signer? in other words do they have to make a certain amount of money and have A1 credit? I ask because I will have to be strategic about who I ask and find someone that will be willing to help me and I need to know who to target. Is there a link with more information on that?
What are the requirements a bank or realtor ask for while buying a multi property for witch you will use to house hack also should you share that information let's say the property since I live in Los Angeles California is being sold for 650,000 Dollars
Thanks so much for watching and commenting, I'm excited for your journey! I believe you can search for realtors in your area on BiggerPockets, but whoever you work with I'd make sure they've worked with investors in the past and that they set you up with automatic email alerts.
Definitely a good point! I can't quite remember, but I think the FHA at 3.5% had a lower interest rate than the conventional. Thanks for watching and commenting :)
This might be a silly questions, but I'm just learning more about real estate. How can you do work on a house (combining the electric and converting kitchen) if you didn't buy it yet? Glad I found your channel! Thanks
Quick question, if I were to try to buy a property that is zoned as a multi family and not single family to house hack and I plan on not having a co-signer would fha still require me to put a bigger down payment instead of the 3.5%?
Great question. If there's no co-signer, you should still be able to put down 3.5% as long as there are 4 units are less. The issue comes in when you have a co-signer on a multifamily. Hope that helps, thanks for watching!
I dont understand the secret no one is telling you?The flaw clearly came in with not knowing the differences in specifications before purchase.If someone could maybe assist and clear this up thatd be great
Hi Victor! I put about 3% towards closing costs and saved what I would've used for a down payment to hold as reserves for repairs and vacancies. Thanks for watching!
Thank you for sharing that! I’m looking to do just that but I wasn’t sure if it was a good thing to do as everyone say put at least something as a down payment. But I want to use that money for reserves until I find good renters.
@@victorespiritu3431 True, it makes your monthly payment higher if you put $0 down. But since you're using DPA, they are putting the money down for you so to speak. Best of luck!
@@Liliinvests I was informed that I wouldn't qualify for DPA if I was using the house as an investment property. Don't you have to stay there for 2year before you can move? Thanks!
That's usually always the case in real estate. Something always seem to come up. Its all about figuring it out. She's doing a whole lot better than 99% of people looking into real estate.
