All Forum Posts by: Account Closed

I don't have another primary residence, and I will be living in the property while it's being rehabbed. I guess in reality, I never needed 25% then. I just always viewed it as an investment property, because I had no intention of living in it after it's refinanced. I  accidentally misrepresented myself and what the plan was, and was just putting my thoughts down. 

Now that I've time to reflect, I don't see what all the fear mongering was really about. I'm going to live in the property while I rehab it, than refinance, and rent the units out.. That is the brrrrr strategy. I don't see what I'm missing here. It's not as if I was planning on moving in tenets the same day.

Wow, I have to admit I didn't realize how severe the penalty is for it. I'm probably going to have to re-think it now. 

I suppose I could take my time with the rehab project. Is there a way to do some kind of cash out refinance in 6 months without having to put that kind of downpayment up? I will have some serious equity in this home. 50k-70k

Hello,

I'm a new investor, and I'm about to purchase a duplex w/ 5% down (conventional).  I have no intentions of living in the property, and it would purely be a nice cash flowing investment. I see that banks typically want 25% down for investment properties, but I'm basically just going to tell the lender that I'll be living there if they ask.  A lender I was working with before I switched to my current one said that between her and I, it would be no problem, because they'll never inquire or actually check to see if I'm living in the property.

I don't really see any harm in it, and I'm fully willing to do it, but I just wanted to get some feedback.  It's a small local bank, not a national one.  The property is a foreclosure and will need a cosmetic rehab, so I want to use my remaining funds for that.  203k is not an option because I've got my last extension and need to close in 30 days.

Couldn't you live in the new one, and rent the current one you're living in?

Pm sent.

I think you could do a lot better then $5000 NOI with 12k cash..

This is just astounding..