House hacking means buying a property, living in part of it, and renting out the rest so that tenants cover most or all of the housing cost.
Log in to followI spend most of my time thinking about who's on the other side of these loans, and house hacking looks like the one owner-occupied product where the borrower's ability to pay depe…
Every cost breakdown I can find stops at the down payment and closing costs. Nobody lists the running stuff. If I buy a duplex and live in one side, what do I actually sign up for…
I'm not buying yet, so this is a paperwork win rather than a deal. I spent three weeks calling lenders to find out who would actually count projected income from an accessory unit…
The Fannie Mae change that lets you count ADU rent toward qualifying income on a one-unit house, up to 30 percent, has me confused. My plan was a three bedroom single family where…
Under contract inspection period on a 1974 ranch, 1,480 square feet, asking 389k. The detached garage was converted to a studio at some point with a kitchenette, a three-quarter b…
Reading through the definitions and it feels like two different things got filed under one name. Buying a fourplex with FHA money and occupying a unit is a financing structure wit…
Closed in the fall on a one unit with a detached studio over the garage, $415k, 5 percent down, owner-occupied conventional. I qualified partly on projected rent from the studio,…
Numbers on the building I'm circling. Asking $520,000, four two-bedroom units, three occupied at $1,250 and one vacant that I'd take. FHA at 3.5 percent puts about $18,200 down an…
First time trying this so bear with me. I found a fourplex at 519k, four two-bedroom units, currently rented at 1,100, 1,125, 1,100 and 1,050. I was going to do FHA at 3.5 percent…
I said duplex and rental income on the phone and got back a quote for a landlord policy, which confused me because I'm living in the other side. When I said that, the agent said w…
Ran the numbers on a house I'd actually buy and the result has been sitting on my desk for a week. Small three bedroom in an older part of town, $315k, 5% down, payment with taxes…
Working through a two-unit purchase and the loan officer keeps using the phrase "principal residence." My work has me out of state most weeks, sleeping in hotels, and I'd genuinel…
Working two versions of the same deal and I can't decide which one I'd actually sign. $540k fourplex, three 2/1s and one 1/1, market rents on the three I'd be renting come to abou…
I've got a spreadsheet going for a duplex in the $300k range, FHA, and every time I think it's finished I find another cost. Right now I have down payment $10,500, closing costs s…
I'm building out a management offering aimed at house hackers who moved out and kept the rooms rented individually, plus a few owners who never lived there and just run five-bedro…