Updated over 5 years ago on . Most recent reply
Just getting started
Im new to real estate investing and i wanted to get a few ideas/opinions. I wld like to start off with a duplex and use a 203k loan to buy and fix it up. My question is if i use a 203 loan can i live in one unit and maybe section 8 the other unit? Or wld i be able to section 8 both units and live in one for the required time before i make my next purchase and avoid going through approval all over. Starting off in Philadelphia pa area. Thanks
Most Popular Reply
@Tone Fortune I'm not sure how it works in Philadelphia but in Oklahoma a property isn't section 8, the tenant is!
So for the first year you have to live in one side in order to fulfill the loan requirements. You would not have that approved by section 8. On the other side you would say "section 8 tenants may apply." When a section 8 tenant applies, if you wan to approve them you reach out to the office. At that time the section 8 officials would come and tell you what you need to do in order for that tenant to be approved for this location.
After you live in your unit for a year you will do the same thing to the 2nd unit.
In OK you have that same inspection every year to two years and every time you want someone new to move in.
Again I can only speak to the Oklahoma City market, but I welcome anyone to share how Philadelphia differs.
Good luck getting started!