All Forum Posts by: Adam B.

I see, that makes sense, thank you. I will have to keep doing research and probably ask an attorney.

Alexander - To collect rent to pay for the housing expenses.

Aaron - The idea of buying the home in an LLC sounds like it might be on the right track. I'd have to see if that is appropriate with FHA loans, thanks.

Matthew - Thanks, your answer is helpful. I plan to do that. I was looking for a well backed-up "no" answer for free before I go speak to an attorney.

Can I rent from myself? I'm trying to get creative with financing a rental. If this isn't legal, I don't want to do it.

Here is my hypothetical situation:

• I buy a 4BR, single-family home in a college town near my job, with an FHA loan.
• I move in permanently and meet all of the requirements of the FHA loan.
• Myself and 3 college students sign a lease each year to rent the house.
• I rent from myself, and the 3 others rent from me too.
• All 4 of us split the utility and rent costs.
• This is in NJ, where it is illegal to rent by room without a state permit (NJAC § 5:27-1.6).
• Additionally, it is ILLEGAL to rent by ROOM in the township in this particular zone, but it is LEGAL to rent by HOUSE.
• I get the proper municipal landlord permit for the home.
• I do everything properly when I do my taxes.

Has anyone done something like this before? I'd like some input as I try to get more answers.

Hey all, thanks for your input. The house had no electric, water, or gas like I anticipated. I guess it's a gamble unless I can get inspectors and contractors to look, as well as the utilities turned on for due diligence. I've been told that even then it might not be possible to get the utilities turned on.

Hello! I am brand new to real estate. I am going to view a home next week with my agent. If all goes well with the property, I plan on buying, moving in and renting out the extra bedrooms for a year or two. Eventually I will move out and rent out the entire house.

My agent told me that the home is a short sale and that the owner has not lived in it for the passed 3 years. This is the first property that I will be viewing that has not been recently occupied. As a novice, I'm looking for any good advice. I am concerned about utilities not being on, and finding out if there are problems related to that, that I would not anticipate if heat, electric, and water were on.

Does anyone have experience with this, and tips for me to prepare before I view the home? Thanks!