All Forum Posts by: Jennifer Noble

Hi Kiersten, 

I wouldn't mind talking about this property with you more... I am from Redlands and went to school in Loma Linda.  Is there a time we can set up for a call?  That is, if I'm not too late!  (this is what I get for not checking my alerts daily)  Anyway, I would love to schedule a call with you, my partner and I, but if she is too busy perhaps you and I can talk.  

Take care and hope to hear from you!

Jennifer

Thanks a bunch for the post, @Jerry Padilla!  That was very helpful.

Can the tenant help document the issues they are experiencing?  I once lived in an apartment building and the guy downstairs was so extremely disgusting (cats drinking from milk in bowls of cereal he ate the night before) so I wrote a letter to the landlord explaining ALL that I saw (he left his door open often) and that we were now seeing roaches in my friend's unit across the hall from me and that I would not be happy if roaches started to appear in mine.  The landlord was able to use that letter in court and was able to finally evict that guy after trying to do so for many years.  He was so grateful to me after that eviction, he let me keep a shower head I had installed that used a little more water (I didn't know I couldn't)!  haha

@Brandon Turner, I was wondering if you can direct me to a website or blog post with more details on the "rules" of owner occupancy?  I have read your No Money Down chapter (thanks for the book!) and it does not give specifics of living in the property for that first year.  I will be out of the country for about 4 months so I would like something to read so I can better decide if I should wait to purchase before or after I return.  Thanks for any input!

@Mindy Jensen, No no, I do not want to rent out the unit while I am gone at all.  I simply want to understand if I have to be there day in/day out.  My intent here is only to make sure I am following the rules of owner occupancy should I attempt to purchase an investment property as a new primary residence.  The answer to this question would dictate whether I would need to wait to purchase after I return from working abroad or not.  My main intent in all of this is to take advantage of the 3-5% down instead of 25%.  But thanks for the comment, I suppose it's fair to think someone may want to attempt renting out their unit while they "live" there.  I do not.  

Thank you @Roy N., @Cindy Szponder and @Crystal Smith!!  It is true, I do not want a commercial property (5+).  So now that I know it's just "on paper" that I must live there, I will certainly inquire further to make sure of all the details!  I'm excited this may now be a possibility for me to think about!  I mean, who doesn't like 3-5% down?!  :)

Hi All,

I understand that if I purchase a MFR investment property and designate it as my new primary residence, I could potentially pay 3-5% down instead of 25% for a non-primary MFR investment. I can live in it for a year and then potentially buy a new property and do the same thing.

However, I am wondering how "strict" owner occupancy is?  Must I be there a full year, each day?  The main reason I am asking is because I will be working abroad for 3 months and thus would not be "living" in the residence.  Does "owner occupancy" mean that bills and other docs must have the new address or must I have physical proof I live there (clothing, furniture, x amount of water usage, etc)?

I have tried to search for this on the site and did not get the exact answer although I saw a post regarding HUD homes where it stated it could be a felony if you are not living there and that sometimes there are people designated to check in or verify living!

Thanks for any input!

Newbie here... These are funny and I came across one that I sort of asked!! (oops) BUT, luckily I got VERY thorough responses on whether I should buy a 30k property in the Midwest, haha! It might be that I had a bit more info to my question... But since then I have read more and realized I can invest in my own state (I'm in Los Angeles) and have clearer strategy of where to go next. Thanks guys! I totally get the main sentiment here is folks who want all the answers without doing anything or haven't educated themselves before asking for help. Just came to say I appreciate you all putting up with us... Quick question: Should I buy a duplex in that one corner of Detroit?? Purchase price is $1,000 so my cash flow would be astronomical!! Lol

Thank you @Steve Endress, I have been sufficiently convinced to keep some money in my reserves!  This is why this place is so great, as soon as I read those who said to use my capital to get more properties and keep some for other expenses, I said "Duh!  Makes total sense."  
@Dan H. and @Amit M., I appreciate the vote for Cali.  I have been searching for some possible markets in Cali, but I have not settled on one that may work for me.  I will certain read some of your posts, Amit. 
Thanks all!

@Mike D'Arrigo, Thanks!  I'd love to see the report and webinar.  I appreciate your response.

@Eric Dowling Thanks, I'm not totally disagreeing.. But I'm just not sure about more wealth coming from 1 SoCal C class property!  It just doesn't seem to work when I do the numbers.