All Forum Posts by: Rae Edwards

Question in regards to living in a FHA loaned multi: I am aware that I would have to live in one unit of the plex for a year, however does the loan take into account people that travel out of state for work for months at a time (or in my case out of the country)? For example, say I purchased a triplex using an FHA loan and lived there for 3 months before I had to leave the country for 5 months and then returned. Let's add that I have a younger sibiling that starts college next fall and they'd like to live in my unit since its near campus. As long as I'm paying the rent (even though I'd be living for free due to renting out the other units, so I guess I mean to say as long as I'm not charging my sibling rent to live there) would I be in violation of the loan? Just want to make sure I fully understand my limits so that I don't committ fraud.

Thanks Chris Mason because I saw in one forum someone state that they periodically come by and check. Wasn't sure how true that was. But my contracts state the duration of my leave so I'd have that paperwork to present if ever necessary.

Seeing as how I have friends and family on Section 8 I cannot agree with the mold that you're encompassing this group in Sid Leibowitz But I do agree that this will potentially be a bad investment, especially since I'd have to put a lot of rehab money into it and had not planned on treating it as a mobile home flip. Thank you for your input.

Question in regards to living in a FHA loaned multi: I am aware that I would have to live in one unit of the plex for a year, however does the loan take into account people that travel out of state for work for months at a time (or in my case out of the country)? For example, say I purchased a triplex using an FHA loan and lived there for 3 months before I had to leave the country for 5 months and then returned. Let's add that I have a younger sibiling that starts college next fall and they'd like to live in my unit since its near campus. As long as I'm paying the rent (even though I'd be living for free due to renting out the other units, so I guess I mean to say as long as I'm not charging my sibling rent to live there) would I be in violation of the loan? Just want to make sure I fully understand my limits so that I don't committ fraud.

Thank you for commenting Curt Smith . I'm realizing this may be more of a hassle than I am fully equipped to take on as a first time investor.

Wow thank you for that insight, I had no idea! Tim Chapman

Why would it be considered rent to own if I pay the whole 2000 in cash? Tim Chapman

Thank you Rick Pozos , i will check it out

Wow John Arendsen that two story looks really nice. Thank you for the in depth analysis with pictures included. Im hoping after I make contact with the seller then I'll be able to run the numbers and figure out my ROI

Need your help BP community. I was looking through Craigslist and came across this mobile home that is located in a MHP near my house. Ideally I wanted my first investment to be a SFH or duplex, but since I am familiar with this park (have a family member living here) and it doesn't require much money to purchase I figured I should look into this possibly being my first investment. I plan on contacting the seller (it's a rural area so I'm sure I know someone who knows the lister), but with this being my first time I'm not really sure what to ask. I want to make sure I get enough info to where I can properly analyze this deal.

1. Im assuming I should ask what the taxes are on the property, what the rents are of other homes in the park (can verify through ppl I know/relatives that live there), but what else should I ask in regards to expenses?

2. Since I have to provide appliances is there a certain brand you personally use for your mobile home projects? I'm assuming I don't want to buy the top of the line equipment so that the place won't be too fancy?

3. In regards to being "fancy" if I do opt to make this home nicer than the other units will that allow me to raise rents or should I just provide the bare bones minimum for the home?

4. There's a good chance a renter will be on section 8, if so does this change anything for how I rent to them? I've been browsing the section 8 forums to gain more insight on catering to this group.

5. Can the repairs be done by general people who have knowledge of repair work (my father and brother are mechanics in the military, electrical and HVAC trained, respectively) or should I opt for contactors who specialize in mobile homes?

All feedback is welcomed, thanks in advance! Listing is pictured.