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All Forum Posts by: Ralph Ellenberg

Ralph Ellenberg has started 2 posts and replied 9 times.

We don't know. That's the reason for my questions.

Quote from @Stephanie Medellin:

As @Bill B. said, your notarized loan documents are going to have an occupancy statement.  If it's an owner occupied loan, it will say you intend to move in within 60 days, and intend to continue living there for a year after.  If you know you aren't going to intend on living there and need to move, why not just finance it as an investment property?


Sorry it took me so long to reply. Thanks for the assumption I'm committing mortgage fraud. I didn't say I had a job offer. I said my wife MAY be getting a job offer AFTER we've closed on the new build. If she gets one and IF it's as good as we think it might be we are looking at what our options would be. Again IF those things happen. 

Quote from @Bill B.:

When you sign your loan paperwork you’re going to “swear” you intend to live there for a year. If you know before signing that paperwork you are taking a new job and leaving the area and you never intend to live there for a year that seems like pretty obvious mortgage fraud. 

You’re not going to want to “discover a new job opportunity” after signing if your employer has no reason to break the law covering your fraud by saying they didn’t offer you the job before you signed. 


Hi everyone

my wife and I are under contract with a builder where we live in S.C. that should be finished in about 3 to 4 months. It looks like she maybe getting a great job offer in Colorado not long after we close. How long would we have to stay in the new build in S.C. before we could rent it and buy a new primary in Colorado if she gets the job offer? Thanks

Post: Good inexpensive rental market with best potential appreciation

Ralph EllenbergPosted
  • Hilton Head Island, SC
  • Posts 11
  • Votes 0

Thanks everyone this is just the information I need.

Post: Good inexpensive rental market with best potential appreciation

Ralph EllenbergPosted
  • Hilton Head Island, SC
  • Posts 11
  • Votes 0

Thanks for the replies. David. No I'm not expecting for something to skyrocket the day after I close. What I'm looking for is a market not too far from me that has turned the corner and is in the early stages of expansion so I can get some market appreciation to go along with forced appreciation if possible but my primary concern is cash flow. If I can get the appreciation though I will attempt to to sell using a 1031 exchanging into a larger property with a larger cash flow in another market in expansion and repeat.

Post: Good inexpensive rental market with best potential appreciation

Ralph EllenbergPosted
  • Hilton Head Island, SC
  • Posts 11
  • Votes 0

Under 100,000 but as cheap as I can find them while staying out of the war zones.

Post: Good inexpensive rental market with best potential appreciation

Ralph EllenbergPosted
  • Hilton Head Island, SC
  • Posts 11
  • Votes 0

Hi everyone! I'm a newbie from Hilton Head,SC. Looking to buy inexpensive small multi-family rentals. There are none here so I'm looking in surrounding markets such Savannah, GA, Charleston, SC or Jacksonville, Fla. Does anyone currently work these markets or have information on them? Thanks