All Forum Posts by: Account Closed

I was very interested in making a career out of real estate investing out of college, assisted an investor on a few things for a couple months, then the worst possible thing happened.... I listened to my folks and got a steady job. Fast forward 7 years, I'm working, married, and a new dad. Suddenly I'm obsessed with real estate again. It started with guru podcasts, now I'm taking classes at the local college towards a license. I can't actually invest for another 3 years (check out my last post), but I'm educating myself now, and should have a nice chunk of change to work with when I'm able to invest. Until then I'm hoping to make some like minded friends, and maybe find a way to make some side money in real estate (as a licensee).

Hi Stuart,

I'm in Irving. Welcome to BP!

Under the Good Neighbor Next Door (for teachers, police, firefighters, and EMTs) program from HUD, you take on a second "silent" mortgage for the 50% discount off the appraised value, and must OO for 3 years to receive the full discount. This is all listed in the website. One thing not mentioned until you see your contract package is a clause prohibiting the participant from owning ANY other property other than the GNND property for 3 years from the date of purchase, lest the discount be called (prorated).

It sounds downright unpatriotic prohibiting ordinary folks from investing in real estate like that. These homes are also on a lottery system. If the government wants to give something away, why not just give it away? What's the point of all the strings?

The village has spoken. I'm working on coordinating the inspection. Thank you all for you input.

Interesting. What's your line of thinking?

This is OO. Need a place for my growing family. I'm budgeting $7k in cosmetics, home value is on low end for the neighborhood. I really believe this was a rare steal. Will consider the advice, thanks!

Internet searching lead to horror stories on this, but everyone's talking about older HUD homes. I've got one under contract half off appraised value of $165k. PCR is clean. Home is built in 2006, new neighborhood, no trees, unoccupied less than 8 months. Why go through the trouble, cost, and risk of dewinterizing, installing meters, turning on utilities, and rewinterizing prior to closing?