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Lending wherever you want to call “home” 🏠❤️ -- in all 50 states.
In this video:
00:00 - Introduction: What is house hacking?
01:06 - My personal history with house hacking
03:46 - Benefits: Rental income
05:22 - Benefits: Tax write offs
06:20 - The rented portion of your property is a small business, tax-wise
07:10 - What is depreciation?
08:42 - Depreciation schedules
10:10 - Is it bad to show a profit?
10:39 - Passive losses and when can you write them off against your other income?
11:08 - Wanna see my Schedule E?
12:12 - Buying in partnership
12:52 - Non-occupying cosigners
14:23 - An example, from Portland, Oregon
15:34 - Cash flow for retirement
16:59 - Financing options for a multi-family house-hack
17:34 - Qualifying for owner-occupied loans
18:39 - Loans for doctors, dentists and veterinarians
19:11 - What if you’re not a veteran or a doctor?
20:22 - Fannie Mae’ huge rule change
20:41 - Why FHA is still relevant
21:32 - FHA loan limits
21:55 - FHA self-sufficiency test - a problem for triplex & four-plex
24:16 - Fannie Mae’s new rules solve these problems
24:48 - Occupancy fraud (don’t)
27:14 - Using rental income to qualify for your loan
30:08 - Rental income for loan qualifying?
30:49 - Here’s an example
34:07 - VA rules about using rental income to qualify
35:02 - Using rental income to qualify - a Fannie Mae “gotcha”
36:16 - What about appraisals?
37:51 - Why rent from appraisers is often low
38:14 - A scenario: Using rent to qualify
40:05 - Things to consider before house hacking: Privacy
41:04 - Things to consider before house hacking: Maintenance
41:34 - Things to consider before house hacking: Property management
44:00 - Things to consider before house hacking: Inventory
44:45 - Things to consider before house hacking: Occupancy
46:00 - Things to consider before house hacking: Competition
46:53 - Things to consider before house hacking: Due diligence
48:06 - Things to consider before house hacking: Renovation loans
51:45 - Things to consider before house hacking project: Income tax matters
53:17 - Tax deferral on sale via “1031 Exchange”t
53:44 - A CPA can help you keep good tax records!
54:15 - Extra loan costs for a duplex, triplex or four-plex
54:49 - Loan Level Pricing Adjustments
Julee Felsman, SVP of Mortgage Lending NMLS 120831
Guaranteed Rate Inc NMLS 2611 Equal Housing Lender.
www.nmlsconsumeraccess.org
www.rate.com/licensing
www.rate.com/privacy
#HouseHack #FannieMae #5%DownMultiFamily
Branch address: 1300 SE Stark St Ste 111, Portland, OR 97214
State Licenses:
AK - AK120831, AL - 73482, AR - 117882, AZ - 1002329, CA - CA-DBO120831, CO - 100514850, CT - LO-120831, DC - MLO120831, DE - MLO - 120831, FL - LO66603, GA - 67474, HI - HI-120831, IA - 34589, ID - MLO-2080120831, IL - 031.0056868, IN - 42483, KS - LO.0039957, KY - MC713848, LA - Licensed, MA - MLO120831, MD - 120831, ME - Licensed, MI - 120831, MN - MN-MLO-120831, MO - MO-120831, MS - 120831, MT - 120831, NC - I-187748, ND - NDMLO120831, NE - Licensed, NH - Licensed, NJ - Licensed, NM - Licensed, NV - 65660, NY - Licensed, OH - MLO-OH.120831, OK - MLO21956, OR - Licensed, PA - 74700, RI - Licensed, SC - MLO - 120831, SD - MLO.09183, TN - 203658, TX - Licensed, UT - 12003187, VA - MLO-41738VA, VT - VT120831, WA - MLO-120831, WI - 120831, WV - LO-120831, WY - 8673
Information provided is for educational purposes only. It should not be construed as financial or legal advice or instruction. Guaranteed Rate does not guarantee or assume liability for the accuracy, completeness, or timelines of the information. You should conduct additional research before making any mortgage related decisions. By refinancing, you may pay more in costs and interest over the extended term. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. Guaranteed Rate has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Guaranteed Rate, Inc. cannot predict where rates will be in the future.
biggerpockets, bigger pockets, mortgage broker, loan officer, househack