D
DeletedUser0287
Guest
Need some tips on house hacking for those that have done it.
My Plan
- Conventional 3.5% Loan
- Location: Leaning towards Dallas Texas (thing I am not sure about).
- Single Family Home for like 150k
- 2 or 3 Beds / 2 Baths
- Most likely Airbnb to start off seems like it is easier to get tenants, I might be wrong.
I decided that I am going to get a lower down payment loan like 3.5% conventional instead of 20% and rent out part of it. I know there is PMI, but when I hit 20% I should be able to get rid of it. Which is why I chose conventional over FHA. I think FHA PMI (MIP) is for the life of the loan. Was hesitant for so long, because essentially taking mortgage like this is essentially "handcuffing me to my job". But I really got to do it, or I will be stuck living in my parents for life.
I ended up choosing Single Family Home just due to the fact that, duplexes/triplexes are too expensive. Condo HOA would be poor margins.
But with the house sales going down, prices should follow correct? Wait it off? I want the large metropolitan areas, but they too expensive for me. So closest I can get is like Dallas, TX or around there.
My Plan
- Conventional 3.5% Loan
- Location: Leaning towards Dallas Texas (thing I am not sure about).
- Single Family Home for like 150k
- 2 or 3 Beds / 2 Baths
- Most likely Airbnb to start off seems like it is easier to get tenants, I might be wrong.
I decided that I am going to get a lower down payment loan like 3.5% conventional instead of 20% and rent out part of it. I know there is PMI, but when I hit 20% I should be able to get rid of it. Which is why I chose conventional over FHA. I think FHA PMI (MIP) is for the life of the loan. Was hesitant for so long, because essentially taking mortgage like this is essentially "handcuffing me to my job". But I really got to do it, or I will be stuck living in my parents for life.
I ended up choosing Single Family Home just due to the fact that, duplexes/triplexes are too expensive. Condo HOA would be poor margins.
But with the house sales going down, prices should follow correct? Wait it off? I want the large metropolitan areas, but they too expensive for me. So closest I can get is like Dallas, TX or around there.
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