All Forum Posts by: John Squares

Thanks Everyone…. I will definitely take your advice.   After reading all of the complaints on BBB; it seems like CI is selling complete BS.  Those people have no intention to sell and I would be making probably hundreds of calls to get nowhere.  

Hi all, I am fairly new to using services like Connected Investors.  Has anyone ever used them or had success with them?  Only $99 a month but curious if the information provided is valid.    I’m sure it’s not 100%  but I’d be happy if it’s a legit company and not a scam.  If I can get 75% accuracy or more, I’d be happy with that.  

Evan thanks for the reply…. I am currently in a VA mortgage which has a two-year requirement. I am beyond the two years required.

What I am trying to do is find a way to buy a multifamily using FHA 3 1/2% down payment as opposed to 20% or 25% as an investment property.

I have a situation where it would be beneficial for me to try and help my mom and my sister move into a place because I can afford to purchase it… The grey area is whether or not they are considered family members per FHA guidelines to qualify for the 3 1/2% down payment.

 on the FHA website… It says family members are considered parents, sisters, brothers, etc.

I am definitely not trying to do anything illegal, I just thought maybe if I sell my primary residence… I could buy the multiunit per FHA guidelines as long as my mom and my sister are considered family.

I have been told that the 12 month or 24 month living requirement only requires one family member to live in the home… So if my mom and my sister are considered family members… Does that meet the requirement? 

I know there are pros and cons to selling my primary home to my LLC but my question really goes a little deeper than just tax benefits:

I am curious to know if I sell my primary home to my LLC regardless of tax benefits; and then rent it back to myself (through another LLC) … technically I don’t have a primary residence anymore so I could buy a Multifamily or Apartment complex as long as I am willing to live in one of the units correct?

I ask this question because I have an opportunity to do something similar and the Multiunit would give me more than enough to pay the rent on the home and still Net at the end of the day….but is it legal??

According to FHA Guidelines; a family member can be a parent, sister, brother etc….

So my question is this: Can I buy a multifamily unit with 3.5% down as long as one of my Family members is living in one of the units?

From what I can find, I have been told by some people that I don’t personally have to be in it as long as a family member is in it.  

anyone knowledgeable out there?  Please help and thank you in advance