All Forum Posts by: Patrick Sullivan

Hello All,

TWO QUESTIONS ...

1) I am planning to FHA finance a property (any property that is within the characteristics of a 4 unit) and was wondering whether it is OK to rent out a HUD property under finance to three tenants with myself being primary resident. Can I bid in the "Exclusive" period instead of only "Extended"? Can I put down "Owner-Occupant" instead of "Investor" on the HUD-1 Form? How would I inform HUD that I would most likely be accepting tenants (if I need to)?

2) When we talk about a residence being a "2 bedroom" or "4 bedroom", does the term "bedroom" equate to "unit" (i.e. one bedroom = one unit)? If not, what would a "unit" consist of? Does this vary from state to state?



Thank You,

Patrick S.

Hello Joe,

No, I do not own any house at the moment. I was planning to purchase a home in the said area as my primary residence.

Hello BP family,

I am on here today because I had a simple yet specific question related to renting out property. I am a COMPLETE newbie at REI, especially landlord-related. My scenario is as follows:

I am looking to take out a mortgage OR rent-to-own on a property somewhere in North Central MA, while at the same time looking to rent out the property to 2-3 individuals. Should I choose the mortgage, what [legal and otherwise] steps must be taken and papers must be signed and verified to add those individuals as legitimate tenants of the property which I will [eventually] own? Does the financial institution NEED to know about there potentially being tenants in the future, when it actually happens or at all (probably an obvious answer, though again, I am a newbie)? What is the whole set up between the banks and legal when there is a mortgage involved and I rent out?

On the other hand, what must I do should I rent-to-own the property while renting out the property myself?



Thank You,

Patrick S.

Hello All,

I was wondering if any of you knew a reliable and effective crowd funding site/community (you used PERSONALLY multiple times) to fund part or [even] all of your real estate transactions, and whether it would be a sound decision in my particular situation

In my particular case, I am looking to do multiple double closings (wholesale) using cash buyers, fix & flip AND/OR rent with HUD properties

Moreover, I had another idea to promote to investors/prospects within the crowd funding realm; I am thinking of purchasing a HUD property myself with the aims of converting both the building and the associated land into a commercial greenhouse facility and/or headquarters for a new company in sustainable systems installation and maintenance (aquaponic systems, vertical garden irrigation, solar heat/electricity)

The ultimate objective is to figure out which path would be most effective -- as of rite now -- and run with it. That said, I will NEED to create liquid capital for the aforementioned business, and thus, facilitating any combination of REI transactions with HUD (as described in the second sentence) can certainly provide that when done correctly.

I look forward to hearing input from you guys!

Thanks a Million!

- Patrick S.

Hello All,

For any of you who saw my last inquiry (post), this is the second half ...

Although I am aware of the HUD Home Store and main HUD site, and I know where the HUD-registered brokers can be found, I already contacted all of those listed in the Leominster, MA area with NO REAL SUCCESS, and only a few replies. Therefore, I'm asking any of you if you know the most appropriate HUD-registered broker within the North Central MA and Southern NH area, who has handled many closing of that nature (cash closings to be more specific), and who would be willing to submit multiple offers on HUD properties, with a high chance of closing many transactions with me.

Thanks A Million!

- Patrick S.

Hello All,

To anyone on here who has successfully closed on multiple transactions on properties in the North Central MA and Southern NH area, would any of you have a recommendation for me on a title company that handles many cash closings with investors (around 100+ per yer), and is familiar with handling double closings, where there is two cash transactions; Seller A - Investor "You" B - End Buyer C (typically within the SAME DAY)?

Thank you for your help!

- Patrick