All Forum Posts by: Mark Ferguson

 I don't think you want your goals too crazy or they become unbelievable. 

I just read @brandonturner goal article and I was starting to get annoyed at it since he was bad mouthing goals. Then it got better when I realized he wasn't bad mouthing goals, but saying you can't have just goals and he was right. You need an action plan, but that action plan starts with goals. So here are my goals and a brief action plan. 

Flip 20 houses in 2016. I flipped 9 in 2015, but I could have done a lot more with a better rehab process. My main focus right now is improving my rehab process. I have 10 flips now that will get me off to a good start.

Buy 10 rentals. I bought 5 in 2015, one of which was a duplex. I plan to refinance 8 of my current rentals to bring in more cash and lock in 30 year fixed loans. This will also help me with my portfolio lender. 

I want my real estate team to sell 200 houses. We sold 127 in 2015 and we have two new agents who are just getting some traction. The nice thing is my teM is selling more and I am selling less. 

Some other random goals are hitting 500,000 views a month on my blog, buying an Aston Martin v8 and working towards getting an exotoc car dealership. 

 Thanks for the mention Bill. I manage to keep busy up here.

 I know a lot of lenders. Almost all of them suggest conventional over fha now for owner occupants if they have the right credit score. 

ft Morgan is too far for me to flip and way to far for rentals. I don't know the market well for rentals. 

market is okay. Not as hot as the front range. Should be pretty easy to comp out. 

 http://themortgagereports.com/12603/conventional-97-mortgage-loan-guidelines-plus-mortgage-rates

 Isn't the governments definition of Bona fide occupancy moving in after 60 days and living there one year? I fail to see how doing exactly what is required by hud in writing is loan fraud. 

 Did this rule change recently? 

"FHA loan rules for single family home loans found in HUD 4155.1 do list occupancy requirements. According to Chapter Four:

At least one borrower must occupy the property and sign the security instrument and the mortgage note in order for the property to be considered owner-occupied. FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower's principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year."

I am a HUD listing broker and the HUD requirements for owner occupants is one year. They are very clear in that regard and seeing that HUD is pretty much FHA I would think they would be on the same page. and this information seems to state the requirement is one year as well.

Okay I found the exact spot in the FHA guidebook

4155.1 4.B.2.b FHA Requirement for Establishing Owner Occupancy At least one borrower must occupy the property and sign the security instrument and the mortgage note in order for the property to be considered owner-occupied. FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower's principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year.

Conventional loans have down payments as low as FHA now with lower mortgage insurance. Have you looked into conventional owner occupied?