All Forum Posts by: Obed Calixte

HUD.GOV is originating source for FHA loan info. HUD 4000.1 (I believe) is the latest HUD handbook and it goes over all requirements for originating the loan, including but not limited to occupancy requirements and exemptions.

FHA occupancy : "At least one Borrower must occupy the Property within 60 Days of signing the security instrument and intend to continue occupancy for at least one year."

The first question you need an answer for is: If you do not intend to occupy for at least one year, where do you intend to live?  

Exemptions to getting a 2nd FHA loan per HUD handbook are:

-Job relocation 100 miles away or in another state

-Increase in family size

-Vacating a jointly owned home (ie - divorce or the like)

Have you contacted the Zoning Department to review the survey and ask what your subdivide options are with the existing improvements? (ie, lot size, variances, easements etc)

They've been very helpful to me over the years. 

If you are specifically targeting travel nurses, it will benefit greatly if the home is near a hospital. 

There are plenty of great renters aside from travel nurses looking to rent by the room and most will be outside of the healthcare field.

To your questions:

If the home will be furnished,  Furnished Finder will need to be amongst those that you use.

Other top platforms: FB Marketplace, Zillow, Roomster, Airbnb, Nextdoor.  Padsplit may also be an option if you want to be a little less active in managing. 

For pricing- take a look at listing nearby your home on furnished finder and FB marketplace to determine what market rents are and the features and amenities being offered. 

There's a specific forum for House Hacking.

You'll want to spend some time reading through there as it's a common topic.

The calculator estimates that operating expenses are equal to 50% of the monthly income.  50% is a rough guide. 

In the sheet for post reno: 

Gross Income: 6K

Operating Expenses: -3K

Debt Service: -4K

so  6-3-4 = -1k/month. 

You will have to gather more accurate operating costs (vacancy loss, taxes, utilities, insurance, mgmt fees, maintenance, HOA) to best determine potential future performance.

Rentcast's API may be a fit. They have rental history by zipcode via API back to 2020. 

If you want more details, you'll have to reach out to them directly. I just have high level knowledge through previous research.

Randomly came across this but this is great.

I see you're in Jax - How did you settle on Dallas for your first build?

The property is paid off so you have options.

Based on what you’ve shared, you carrying the note sounds like a viable option.

Have you considered seller financing?

 Heard.

Thank you for sharing!

I had this same convo with a lender a couple days ago.

70% LTV DSCR or commercial were recommended options for stabilized property.