880: How to Get a Home Loan as a House Hacker, Investor, or First-Time Homebuyer w/David Mackin

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 26 January 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you want to start investing in real estate, you’ll need to know how to get a mortgage. But with so many home loans available, which is the right one to pick? Do you go FHA or conventional? Do you work with your local bank or call a broker? How much can you even afford? These questions alone might put you into analysis paralysis, so today, we’re breaking down what it takes to get a home loan, how much YOU can qualify for, and the best real estate investment for beginners. To demystify the home loan process is David Mackin—the third David in today’s episode—mortgage broker, house hacker, and home loan expert. He knows what you need to qualify for a mortgage in 2024 because he qualifies buyers all day long. David shares how YOU can determine how much home you can afford, why you’re getting different mortgage rates from different lenders, and how to find cash flow in your market by reverse engineering your real estate calculations. And, if you’re looking for the easiest, lowest cost, and arguably best way to get into real estate in 2024, this episode is for you. We’ll break down why house hacking has become the new norm and why skipping out on it can cost you BIG in your real estate investing journey. In This Episode We Cover: The simple calculation to estimate how much home you can afford in 2024 Getting pre-approved for a mortgage and why credit score ISN’T as crucial as you think The danger behind getting a low mortgage rate and signs that your lender isn’t experienced Debt-to-income (DTI) and two factors that can throw your home loan completely off track Why house hacking is the BEST way to start investing in real estate (especially with high home prices) And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Expand Your Investing Knowledge With the BiggerPockets Books Be a Guest on the BiggerPockets Podcast Ask David Your Question David's BiggerPockets Profile David's Instagram Dave's BiggerPockets Profile Dave's Instagram Join the BiggerPockets Virtual Summit Check Out Dave On the “On the Market” Podcast House Hacking 101: What It Is and How to Get Started Books Mentioned in This Show Pillars of Wealth by David Greene Start with Strategy with Dave Meyer Connect with David Mackin David's BiggerPockets Profile David's LinkedIn David's Instagram David's Website Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-880 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pocket Podcast Show 880.
0:04.0	What's going on everyone? This is David Green, your host of The Bigger Pocket's Real State Podcast.
0:08.0	Joined today by Dave Meyer, it's always a good day when Meyer is in town.
0:12.0	How you doing, Dave? I'm doing great. I'm excited. It's always a good day when Meyer is in town.
0:12.6	How you doing, Dave?
0:13.4	I'm doing great.
0:14.5	I'm excited for this episode.
0:16.2	But I also think we owe our audience
0:18.4	a little bit of a disclaimer because our guest today
0:21.9	is also named David.
0:24.1	So we're gonna have Dave, David, and another David
0:28.0	joining us and we'll try and use our last names
0:31.3	when we're talking during the podcast but that's just a little
0:33.9	disclaimer before everyone gets really confused. Yeah it does get fun in the mighty
0:38.2	ducks they had a move called the Triple D and today's show is a bit of a Triple D.
0:41.7	with a lot of David going around.
0:43.6	But it's a really good one.
0:44.7	So if you're somebody who's ever been struggling
0:46.8	with getting into the housing market
0:48.9	as it's become increasingly competitive,
0:51.0	curious about house hacking,
0:52.1	want to know what's going on when you're getting
	...

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