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 read a lot of leases for owners who live in one unit of a two or three unit and rent the rest, and they are almost always the same document the off-site owners use. Then the own…
Side by side duplex, 429k, 5 percent conventional owner occupied. PITI plus MIP lands around 3,150. Other side rents at 1,750, market supports maybe 1,800 on turnover. So I'm out…
I've been underwriting rentals as a spreadsheet exercise for a while and the loan side was always "20 to 25 percent down, done." Then I started reading about house hacking and the…
My lender walked me through FHA on a small multifamily and I came away confused about one thing. I had it in my head that since I'd only be living in one of the four units, the 3.…
Looking at a 1950s house where the seller has a tenant in a walkout basement with a full kitchen and its own door. County records show a single family, one unit, and zoning for th…
Occupancy year is nearly up on the duplex I live in and the plan was always to move out, rent my side, and do it again on a bigger building in the next metro over. Two snags. My l…
Small town market, two-unit frame building, asking 145k. Both sides are 2/1, in-place rents are 700 each and I think market is closer to 750. With 3.5 percent down I'm financing a…
Looking at a 1,900 sq ft single family with a permitted 1-bed over the garage, already has its own meter. Listing at 465k. Market rent on the ADU looks like 1,450 based on three c…
I 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…
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…
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…
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…
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…
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…
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…