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Updated about 7 years ago on . Most recent reply

User Stats

15
Posts
1
Votes
Pam J.
  • Pittsburgh, PA
1
Votes |
15
Posts

Minimum stay in a OO HUD before flipping?

Pam J.
  • Pittsburgh, PA
Posted

We are looking for a house to flip *and* a duplex to house hack as our lease is up soon. We are a family with several young children so we need to be picky about where we live and what kind of live-in renovations we do. A nice HUD house was listed ( nice as in, not the ghetto, family neighborhood) but the first week of bids is only for owner occupants. It's a house we could stay in but not long term because of its size. And it's not our target neighborhood to raise the kids in.

In this scenario we would buy the house, perform the renovations and when our lease is up go live in it- but also put it on the market ASAP. And probably not spend much time there at all as three little kids can undo a renovation fast haha. We would only be physically living it in perhaps a matter of days. 

Has anyone done this? Thoughts? We don't want to be dishonest. Our lease is truly expiring, and we are looking for a house to flip. But we would not be doing this to live there permanently. We have no experience with HUD yet. Our agent isn't aware of a minimum stay requirement for owner occupants.

Most Popular Reply

User Stats

182
Posts
198
Votes
Scott L.
  • Investor
  • Flower Mound, TX
198
Votes |
182
Posts
Scott L.
  • Investor
  • Flower Mound, TX
Replied

I think that's what the OP said. What is the minimum stay that HUD will contractually specify? It's not dishonest or fraud to meet the minimum contractual requirements regardless of what your intent is. If it's one year, then it's one year...fine. If you lose your job or meet some other HUD specified criteria to leave early, then you leave early, regardless of your "intent".

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