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The "House Hacking" Hurdle That No One's Talking About 

Lili Invests
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29 окт 2024

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Комментарии : 148   
@SOGBarak
@SOGBarak 4 года назад
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
@Liliinvests
@Liliinvests 4 года назад
Thanks so much!
@vickyskye8492
@vickyskye8492 4 года назад
So glad it worked out. Sounds like u have amazing folks since they were open to helping to co-sign that is incredibly rare
@GradyCool
@GradyCool 2 года назад
🔥
@hellow4130
@hellow4130 2 года назад
Is it really rare for parents in the US to assist their child in obtaining a property? Most parents I know would help without question.
@GradyCool
@GradyCool 2 года назад
@@hellow4130 if they can afford it, it’s not uncommon to help. It’s just that a lot cannot afford to help after already helping with school
@hellow4130
@hellow4130 2 года назад
@@GradyCool That’s understandable.
@firstrentalproperty
@firstrentalproperty 4 года назад
that down payment assistance may have just been a game changer for me! thanks!
@Liliinvests
@Liliinvests 4 года назад
Absolutely! It was so nice showing up at closing and seeing a check with my name on it from the state :) Good luck with your REI journey!
@fordaculture5014
@fordaculture5014 3 года назад
@@Liliinvests in New Jersey you have to live in the building for 5 years for the loan to be forgiven
@ticosceninc.elsdexpertsfda7713
@ticosceninc.elsdexpertsfda7713 2 года назад
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.
@infini.tesimo
@infini.tesimo 4 года назад
I'm so glad I'm a vet and get zero down.
@CaliKidd1001
@CaliKidd1001 4 года назад
I’m So Happy My Mom & Dad Made Good Investments So Credit Really Don’t Matter I Paid Cash For My First 2 Properties Smart Guy!!!
@mica6801
@mica6801 3 года назад
🙄
@certifiedfinest5065
@certifiedfinest5065 5 месяцев назад
Isn’t the point to leverage a low down payment to get an exponential return off that
@andrzejwsol
@andrzejwsol 4 года назад
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...
@Liliinvests
@Liliinvests 4 года назад
That's a really good point about the resell, and yesss sometimes these things move so slowly. Thanks for watching and commenting :)
@TheWalkOnCoach
@TheWalkOnCoach 4 года назад
Facts! It is way harder than it seems. I'm experiencing some headaches currently.
@Liliinvests
@Liliinvests 4 года назад
All part of the game right! Keep pushing!
@HardWorkPays0ff
@HardWorkPays0ff 4 года назад
Will you share some of your headaches?
@TheWalkOnCoach
@TheWalkOnCoach 4 года назад
HardWorkPays0ff Mainly vacancy and Rats. I have a video on my page that talks about it and how to navigate that.
@lolerblades2000
@lolerblades2000 3 года назад
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!
@GradyCool
@GradyCool 2 года назад
It can be a crazy process!
@frenchie_at_heart7387
@frenchie_at_heart7387 3 года назад
I didn’t know u could have a co-signer for an FHA loan. That’s so helpful!
@jasminejones9655
@jasminejones9655 3 года назад
How did you find your property/seller? MLS or other?
@a.d.6390
@a.d.6390 3 года назад
When we bought our duplex, we were able to get it for less than 25% down if we were living in it.
@beutifulutv8668
@beutifulutv8668 2 года назад
Asking questions really helps you out a lot! Always ask!
@jacobthecroatian
@jacobthecroatian Год назад
Did not think of this, thank you! Just realized that I might be needing a co-signer as well haha
@millennialfire8596
@millennialfire8596 4 года назад
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:)
@jamesmallekcpaphd7751
@jamesmallekcpaphd7751 2 года назад
Congratulations!! Well done, plus an excellent explanation!!
@rubimcmullen
@rubimcmullen 3 года назад
Recently found your channel. I'm a fan! Subscribed.
@tevinballislife8130
@tevinballislife8130 4 года назад
Great video, young black excellence 😎
@Liliinvests
@Liliinvests 4 года назад
Thanks for the support Tevin :)
@tevinballislife8130
@tevinballislife8130 4 года назад
@@Liliinvests You're Welcome, continue to do great things 🙏😇
@stallionmusic750
@stallionmusic750 4 года назад
What a hassle. Glad you got the deal done! Thanks so much for sharing
@Liliinvests
@Liliinvests 4 года назад
Lol thank goodness it was worth it. Thanks for the support!
@GradyCool
@GradyCool 2 года назад
🔥
@GradyCool
@GradyCool 2 года назад
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.
@Adiwavolley
@Adiwavolley 3 года назад
Wow thanks I am starting my journey.
@GradyCool
@GradyCool 2 года назад
Best of luck!
@ChrisDAndrealifestyledesign
@ChrisDAndrealifestyledesign 4 года назад
You probably could have went with a conventional 5% down loan and skipped the FHA review board 🤔
@Liliinvests
@Liliinvests 4 года назад
...fair point lol
@DmitryMalinkin
@DmitryMalinkin 4 года назад
Where can you get 5% down for duplex?
@Purpless_ON
@Purpless_ON 3 года назад
@@DmitryMalinkin Shop around hard, even use out of state lenders.
@hfarthingt
@hfarthingt 3 года назад
Conventional owner occupied duplex is 15%
@ChrisDAndrealifestyledesign
@ChrisDAndrealifestyledesign 3 года назад
@@hfarthingt as long as you aren’t using a co-signer, I believe you can qualify for 1-4 units with as low as a 5% conventional loan
@maxbuckeyez6739
@maxbuckeyez6739 4 года назад
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.
@Liliinvests
@Liliinvests 4 года назад
That's definitely one of the things you have to research before buying. I made sure I was all good to go :) thanks for watching
@robcampos8675
@robcampos8675 3 года назад
Wait. Just to be clear. You separated the utilities, restored the kitchen, and created a true duplex after the deal went through right?
@mgantoine
@mgantoine 3 года назад
I was just going to ask the same thing lol!
@montannadevane
@montannadevane 2 года назад
I was wondering the same thing but I doubt she would want to answer that here.
@dandykaufman2
@dandykaufman2 2 года назад
No one talks about this because it's really rare.
@AscendWell1
@AscendWell1 3 года назад
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
@HardWorkPays0ff
@HardWorkPays0ff 4 года назад
Thank you for sharing your experience!
@Liliinvests
@Liliinvests 4 года назад
Thanks for watching!
@flopez425
@flopez425 3 года назад
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.
@3275362
@3275362 2 года назад
I was confused about this as well
@elizabethtamondong8754
@elizabethtamondong8754 3 года назад
Extremely informative!! Thank you
@bigj3233
@bigj3233 4 года назад
Super helpful. Thanks for sharing!
@Liliinvests
@Liliinvests 4 года назад
Absolutely, thanks for watching :)
@MarieRhondelle
@MarieRhondelle 4 года назад
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!
@GradyCool
@GradyCool 2 года назад
Its been a while since this comment, but did you ever end up figuring out how to get the financing to work on a fha on a duplex?
@DCBeyondLuxury
@DCBeyondLuxury 4 года назад
Super interesting! Thanks for sharing your insights… Good luck on your investing journey!
@masterjedi677
@masterjedi677 2 года назад
What a headache, thanks for sharing your experience.
@Alextrevinoii
@Alextrevinoii 3 года назад
Awesome! Thanks for the information!
@keib323
@keib323 Год назад
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?
@lunchmoney3207
@lunchmoney3207 4 года назад
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
@boon-knee4815
@boon-knee4815 4 года назад
After watching this video I just had to subscribe! Bless up
@Liliinvests
@Liliinvests 4 года назад
Thank you sooo much :)
@stanmoney8470
@stanmoney8470 2 года назад
Can you house hack townhouses? Will some HOA 's allow it?
@kylia2009
@kylia2009 4 года назад
True inspiration... I made up my mind that I’m moving forward with this process next year... any tips for finding a good realtor?
@Liliinvests
@Liliinvests 4 года назад
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.
@MrArmani2
@MrArmani2 4 года назад
I think you could have done a Freddie mac conventional loan with a non occupant co borrower for the multi family property and still kept it 3% down
@Liliinvests
@Liliinvests 4 года назад
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 :)
@GradyCool
@GradyCool 2 года назад
Have you done that kind of thing yourself?
@Davion_savant
@Davion_savant 2 года назад
Hello lili , Is the mortgage determined based on the property price the same for a single family vs a duplex or triplex?
@mamoore06
@mamoore06 2 года назад
You genius, you!!!!🤩
@user-yc1ug4fx2s
@user-yc1ug4fx2s 2 года назад
Can I house hack a triplex garage?
@l0lyell0
@l0lyell0 3 года назад
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
@Queenyetta82
@Queenyetta82 2 года назад
Great question! 🤔
@mintidathongsawang910
@mintidathongsawang910 3 года назад
Hi, Lili. Can I use the down payment assistant and also put my money towards the down payment too?
@YaniAmorX
@YaniAmorX 3 года назад
What did you mean when your parents helps boost your debt to income ratio? What is you don’t have debt? Will that effect you negatively?
@dec1slh
@dec1slh 3 года назад
The other way around, she needed more income to qualify for the amount that she wanted to borrow
@COLORMIND.mp4
@COLORMIND.mp4 4 года назад
this was super helpful thank you!
@Liliinvests
@Liliinvests 4 года назад
Thanks so much for watching and commenting :)
@DrShonTV
@DrShonTV 2 года назад
Great video
@stevenroshni1228
@stevenroshni1228 4 года назад
Thank you for pointing this.
@Liliinvests
@Liliinvests 4 года назад
Absolutely, thanks for watching and supporting :)
@ChrisDAndrealifestyledesign
@ChrisDAndrealifestyledesign 4 года назад
This literally happened to me too!! Awesome information, i really like your channel! just subbed 🙏🙌
@Liliinvests
@Liliinvests 4 года назад
Thanks so much for subscribing Chris! Good luck on your investing journey, as well :)
@RoyallKing629
@RoyallKing629 Год назад
I thought you can still put a 3.5 down on a fha loan even on a multi family
@chrishodge3182
@chrishodge3182 4 года назад
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%?
@kimb1855
@kimb1855 4 года назад
I am wondering the same thing? Or could she have had tenants ready to sign?
@Liliinvests
@Liliinvests 4 года назад
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!
@chrishodge3182
@chrishodge3182 4 года назад
Yeah you actually answered my question in another video of yours I watched... great content btw keep it up
@Liliinvests
@Liliinvests 4 года назад
@@chrishodge3182 Glad I was able to get you an answer. Thanks again for the support :)
@charles_richard
@charles_richard 4 года назад
Thanks for the insight! Good info
@parkerbiskup8458
@parkerbiskup8458 4 года назад
Thank you for sharing! & congrats on your house hack
@Liliinvests
@Liliinvests 4 года назад
Thanks so much for watching!
@mayurshah6465
@mayurshah6465 2 года назад
Can't you just say your parents will be occupying ? (Unless they have an existing FHA loan)
@bshannon-lotbtv7569
@bshannon-lotbtv7569 3 года назад
so wait, upstairs doesn’t have a stove??
@truckerzee9643
@truckerzee9643 4 года назад
Interesting. Thanks I’m new here but I’m planning on staying 👍
@Liliinvests
@Liliinvests 4 года назад
I appreciate that!
@marvondgeneral8736
@marvondgeneral8736 3 года назад
what was your credit score at that time?
@meschelledavis497
@meschelledavis497 10 месяцев назад
Thank you! ☝️
@Liliinvests
@Liliinvests 10 месяцев назад
No worries!
@itsamemikeg
@itsamemikeg 4 года назад
Good info. Thanks.
@Liliinvests
@Liliinvests 4 года назад
Glad it was helpful!
@GradyCool
@GradyCool 2 года назад
Most definitely
@johngerhauserRE
@johngerhauserRE Год назад
The county is king
@TSJ99
@TSJ99 3 года назад
Thank you!
@Liliinvests
@Liliinvests 3 года назад
You bet!
@greglewis8041
@greglewis8041 2 года назад
Killer deal 😍👍😉
@GradyCool
@GradyCool 2 года назад
Most definitely
@MysterSer333
@MysterSer333 3 года назад
Great video, subbed
@evarsonazevedo5321
@evarsonazevedo5321 4 года назад
Isn't FHA loans good to up to 4 units ?
@Liliinvests
@Liliinvests 4 года назад
Yep sure is
@GradyCool
@GradyCool 2 года назад
Never knew that
@nicolerico8511
@nicolerico8511 2 года назад
Was that fha thing state law
@Faris-Sheikh
@Faris-Sheikh 4 года назад
This is great advice
@Liliinvests
@Liliinvests 4 года назад
Thanks for watching and commenting :)
@GradyCool
@GradyCool 2 года назад
Most definitely
@YearsPast
@YearsPast 3 года назад
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
@juliancolvard5742
@juliancolvard5742 2 года назад
Should’ve told the lender it was a duplex at the beginning. This is not a “hurdle”
@duurrl
@duurrl 4 года назад
Ok earrings! Great info.
@Liliinvests
@Liliinvests 4 года назад
Lol OOOkay
@JuancoPRoFlow
@JuancoPRoFlow 3 года назад
Never ask your parents to co sign anything for you. Smh
@Liliinvests
@Liliinvests 3 года назад
Reason?
@JuancoPRoFlow
@JuancoPRoFlow 3 года назад
@@Liliinvests cuz if you can't pay it, not meaning you in specific, they will be f ed. Not a good look especially if one has aging parents.
@GradyCool
@GradyCool 2 года назад
It can go so badly
@innovateandinvest
@innovateandinvest 3 года назад
The house hacking method means you live in one of the units. therefore would only pay 3.5% not 25%
@victorespiritu3431
@victorespiritu3431 4 года назад
Did you put any of your own money into the down payment even though you took the down payment assistance?
@Liliinvests
@Liliinvests 4 года назад
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!
@victorespiritu3431
@victorespiritu3431 4 года назад
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.
@Liliinvests
@Liliinvests 4 года назад
@@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!
@Phyllisdaven1234
@Phyllisdaven1234 4 года назад
@@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!
@Liliinvests
@Liliinvests 4 года назад
@@Phyllisdaven1234 You have to live there for one year using an FHA loan and DPA. What type of loan were you trying to use?
@alexpinto4103
@alexpinto4103 4 года назад
Wait so if you bought a single family house using the fha your mom wouldn't have to live in the same property?
@Liliinvests
@Liliinvests 4 года назад
She's a non-occupying co-borrower, so nope. Thanks for watching :)
@goldenstandard187
@goldenstandard187 2 года назад
💛
@anomaly2422
@anomaly2422 3 года назад
I already knew this lol... nothing in life is easy
@jo69817
@jo69817 4 года назад
So you basically just didn't do enough homework and dig deep enough before going through?
@chicagogirlsouthernmom
@chicagogirlsouthernmom 4 года назад
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.
@Liliinvests
@Liliinvests 4 года назад
Haha I appreciate that :) Thanks for watching!
@akua415
@akua415 4 года назад
🔥🔥
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