All Forum Posts by: Chris L.

I think you could run it thru your fiancé. My understanding is YOU can generally only have ONE fha loan at a time. Also must live in property for one year period. So your stuck for a year from your existing property closing, then you could run another fha thru the fiancé.

I don't see how this could be illegal. What's the downside? Seems like a unique plan that just may work.

I can easily see myself buying up the neibors, actually I already tried.

Don't forget transaction fees in your calculations.

I currently have the same delima. 1500 for a wall oven and cooktop range verses 700 for a conventional stove. Also consider the added expense of cabinetry for the separate units. And the other issue is the power supply wiring for electric units. eg. the wiring is not heavy enough to replace a cooktop or wall oven (single wall oven anyway) with a conventional stove with oven.

I use the 2 prong outlets (NEMA 1's) you can use GFCI's but really only need to put 1 on each string as the other outlets feed off the first. I think code says to mark them NO EQUIPTMENT GROUND. Inspecters are giving you a hard time, they do meet code for the era.

You should also understand the 2% and 50% rules

Sounds like a good plan. That's pretty much what I'm doing. You might consider starting with a duplex or quad as you will be able to keep close tabs on your tenents when they move in. Also helps to keep you moving as you can buy another and then rent out your old unit. I was concerned I would become to comfortable or stagnant if I was rehabbing a single family while living there.

As owner occupied buyers your in the best position to get good deals on financing and in the strongest position to purchase forclosures. (first look period).

You should have a understanding of what buildings will and will not qualify for conventional financing, of course the best deals don't qualify.

Take your time and look at many properties,Solid buildings that mostly need cosmetics are your best bet.

I would be looking for another loan. Your lender is lost.

FHA or conv. will require you to live as a owner occupant for a year. A cash out refi will also require that you have owned the property for at least a year. Also buying a forclosure thru fanny/freddi/hud they require 1 year owner occupant as well. (for first 15 days on market) (the best ones usually sell in this period)

I have done it, usually a 12 month waiting period to do a cash out refi. I also did a "home Improvement" loan from a local bank at 4.25% 30 year fixed.They would do up to 85% loan to value. Oh, AND it was only $125 closing cost. They wanted a six months of owner occ.

Yes, however I have not needed to use any other income other than my full time job to qualify. I probably will need to show some rental revenue on my next loan.