FHa And USDA loan hack

[John McAllister]

I never thought I could do this but I am about to.

I bought a muti unit 2 years ago with a FHa loan.

As of today I have a loan BIC USDA as they are in final review.

This time next week I will close on 2nd home which is an add value home.

I have been signed under contract since mid March.

Buying As-is:

I had to get letters saying roof had 3-5 year's left, the basement damageness was normal for area, filled out a letter saying I was never divorced, never had a foreclosure (because someone with my name did), I also had to prove to the underwriter that my current home is not a 5 bedroom but rather a muti unit because she originally said the USDA WILL NOT approve going from a 5 bedroom to a 2 bedroom. Wait the new house is 4 bedrooms not 2, but that's what the appasier wrote because to get to the two bedrooms you have to walk through a bedroom so he labeled them DENs.

Also I had to go in on my own dime and hang up panels that I will rip day after I move in on a 500 SF porch/ sunroom because USDA didn't like is exposed.

I had ton write a plead letter also to the USDA

Did I mention the seller was a horder and I a had to do this work all around his stuff.

It was so bad that the appraiser had to come back and charge 150$ because USDA said house needs to be cleared to do a full inspection.

And I helped a little with the clearing anD offered to pay to have a haul truck and a few frienDS help them move.

Bottom line I used everything I learned listening to BP and making the deal work - having A vision AND doing what it tOOK to make it happen.

So..... I say all that to say. There is way to make deals work if you are creative and driven .

“Sometimes you have to just jump in the cold water because you will always find a reason why not to.”

Purchased for 215k 2.875% 30 year

Apr 300k easy.

I will do all work myself on nights and weekends with a budget of about 20K IN 60 days at which point I will move in and rent out first house with about a 400-500$ cash flow.