All Forum Posts by: Johnny L.

Aron Cohen Hey Aron! Thanks for the response! I think I gazed over that article as well. I agree with you. As long as I'm living on the property in some way shape or form, the house is addressed to me, and as you said the bank is getting paid there shouldn't be a problem. I just want to make sure I'm not committing mortgage fraud!

Hey Scott! I had a question. I was wondering if with an FHA loan i can buy a home and live in the cottage on the property (in the back yard) and rent out the rooms in the actual house? Or would this be against FHA regulations? The house would be in my name and i would be living on the property, technically, getting my mail delivered there. Has anyone done this before? Thank you in advance for the insightful response. Greatly appreciate you helping out!

It does not have a basement but it has two habitable cottages in the backyard. Youre just saying its safer to live within the house? Even on the couch?

Hello Everyone!

Hope everyone is doing well and fulfilling their real estate dreams. I had a question for everyone. I was wondering if with an FHA loan i can buy a home and live in the cottage on the property (in the back yard) and rent out the rooms in the actual house? Or would this be against FHA regulations? The house would be in my name and i would be living on the property, technically, getting my mail delivered there. Has anyone done this before? Thank you in advance for the insightful replies!

What kind of financing are you using to purchase the house? Just curious because I'm considering the same thing.

I should mention that it is a FNMA home

Originally posted by @Logan Allec:

@Johnny L., no.

 Hey Logan you're the man! Thank you!

If a property is bought in cash using no mortgage, does the owner occupancy rule still apply? That I would have to live in the property for a year?

Thank you so much in advance!

Thats some great reassurance that someone else actually does it! Have you run into any problems using this method?

Great tips, ill make sure to use these!

Thank you Wilson!

Quick question for all my fellow BPers!

I am looking to do my first flip, and want to fund it using a HELOC. The plan is to purchase the property with cash using the HELOC and then using a credit card to fund the rehab costs. My question is...have any of you used this strategy? Also what tips you may have for me? Thank you in advance for all the replies!

Johnny Lujan