All Forum Posts by: Account Closed

With an FHA 203k you can buy a single family that is zoned for more units and convert to a duplex, tri or quad. This might allow you to buy a multifamily for 3.5% down in a more expensive market.

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I have a 2400 sqft house that was quoted for $5600.

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I should add there is a new requirement that you can only use it for long term rentals

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I just closed this week with an FHA 203k at 3.5% for a duplex. But this was the second lender I tried working with, one recommended from the FHA website. The first gave me a bunch of lame information.

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It ended up taking two weeks for anyone who might search for this in the future. Thanks for the help!

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Originally posted by @Erica Muller:

@Account Closed I have a good contact for you that could answer this in detail. I will PM you her info. She's a VR specialist in San Diego and does both management and sales for VR's.

Thanks Erica.

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They actually added a form you have to sign into loan documents at closing starting last year. Any 2-4 unit property or condo that is insured by FHA mortgage can not do the short term rentals under 30 days. :/

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I would check that zoning allows for vacation rental or transient use. Single family home neighborhoods are resenting the Airbnb movement currently.

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Hi!

I have a duplex near the beach and will be living in one side. My only rental option for the other side are rentals over 30 days, due to our financing with FHA. The property is zoned for vacation rentals and in the future I plan to refinance and take advantage of that. In the meantime, I was thinking about either furnishing it and starting with monthly vacation rentals with minimum 30 day stay or just finding a local month to month renter. Obviously the vacation rental would bring higher rents but more instability. It is a 2 bedroom by the beach and near downtown.

Has anyone has success with consistent monthly or longer vacation rentals? What would you do in this case?

Thank you in advance!

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Thank you so much. It's more comfortable to have some idea of what I am facing here. I appreciate it.

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All Forum Posts by: Account Closed

Account Closed has started 5 posts and replied 39 times.

Post: FHA Loans

Post: cost to have a house painted

Post: New FHA requirements?

Post: New FHA requirements?

Post: Buying property from a trust with court approval required time

Post: Monthly vacation rental success?

Post: Monthly vacation rental success?

Post: San Diego or Las Angeles Short Term Vacation Rental

Post: Monthly vacation rental success?

Post: Buying property from a trust with court approval required time