All Forum Posts by: Ryan Saulle

Hey BP members! I have a few questions.

I've been reading a lot, recently talked to a lender and I'm hearing mixed things.. I plan on buying a fixer upper multi-fam, living in one unit renting the other(s). I've read places that people used FHA loans many times and kept moving to new houses but I talked to a lender this week and he suggested maybe not using an FHA loan because you're restricted to what type of property you can use it on again in the future so I'm a little confused.

FHA - If i use an FHA loan, fix the property, live in it for a year while renting the other unit(s)..

-What happens if i decide to move out after the year? Can i rent out the unit i was living in and move somewhere else using another FHA loan or is there restriction on another FHA loan?

-Can i do a cash out refi after a year and make it a conventional loan?

-What happens if i decide to move after a year and sell the property?

-Would you suggest just using a conventional loan instead of an FHA loan?

Any help would be great..

Thank you!

Welcome to BP! @Phillip White ! Stick around, you learn so much from this site! 

@Gabriel Benavidez haha good question! 

My opinion is definitely share and talk about what your doing but always stay humble!  Haters are always going to hate but if there's 5 haters and 1 person who's interested in what you're doing and that leads to future growth that's a success to me.

Good Luck!

Ryan

@Brent Coombs Not trying to commit fraud, just trying to learn how not to! hahaha 

Thanks again!

@Brent Coombs Appreciate the response Brent. So if I used an FHA loan it's best to not re-apply until at least a year even if I sold the house before then because that would be mortgage fraud?

Thank you! @Russell Brazil

@Russell Brazil If you do an FHA loan and then flip then decide to flip the house after 6 months can you do another FHA loan or you still have to wait a full year?

@Gregory Brooks Good question, I'm in a similar position. Can anyone provide further information? 

Scenario 1: A private money lender funds 100% of the deal as a silent partner (flip or BRRRR). I do all the work finding the property, mortgage is in my name, I take care of the rehab, etc. and we split 50/50. How would the he wire the money? Before / after closing? What if its an all cash deal or I bought at an all cash auction? This is a close family member but I still want to legally protect them.

Scenario 2: I am coming up with 50% of the money and a private lender is coming up with the other 50%. Same questions as above with the transfer of money before / after closing and what if it's an all cash deal?

As Gregory stated above, what suggestion on how to set up partnership / lending agreements to protect my lenders?

Any advice is appreciated!

Thanks, 

Ryan 

Thanks everyone, appreciate the responses!

Hey BP members!

I was wondering if you have to get vacancy insurance for the few months while rehabbing a property if you plan on flipping. 

Also if you plan on BRRRR a property, would you get vacancy insurance while you're rehabbing and then cancel that policy and get a different home insurance policy after renters move in?

Thanks, 

Ryan