All Forum Posts by: Sean Larson

If I may jump in and go off of the original question. What do you all think of the $100 minimum/door rule bp usually talks about in their podcasts? 

I think each to their own (analysis) because I can get 250/door and not hit 2% so one works while another doesn't?..

Really think about the type of tenant you're going to get that is ok with living above bar noise until 3 am every night...

I'd pass it up but first maybe try and get up there during open hours. I'd guess it would be very hard to sleep which would limit your potential customers greatly. 

Thanks Brie,

So only if I move out of the FHA financed property before one year would I be doing wrong? Can I still look at lending as owner occupied or will the next one have to be investment type down payment (if I'm not moving in right away?).

Thanks,

Sean

Hi, 

My question is can I bid on/buy a HUD home while holding an FHA mortgage that I haven't lived in for a year yet if I state somehow/somewhere that I won't move out of the FHA financed home until I've stayed one year? There's work to be done (to either property honestly) so I don't need to move right in but it appears to be a pretty good deal. I'm in Grand Rapids, MI if that makes a difference (don't think it will).

On a different note-how come I see the big players buying HUD stuff in their name only to buy cash and rent or flip it? Does anyone even check on this sort of thing? I'd never say a word about them but isn't it risky or not so much?

Thanks all-I'm still pretty green,

Sean 

Hi all,

I financed my first multi-family via FHA. I know I can't have more than one but I'm wondering if there's anyway around having to live in it for a year before moving? I found a great HUD deal and I would live in it but I don't want to waste a realtors time if my bid would be disqualified by the existing FHA.

Thanks for any input,

Sean 

The RPOA will teach you more than you'll ever imagine knowing. Seriously get the platinum membership and take the classes.

On a different note-let her go and turn the unit over and update it and get a nice rental increase. If it starts off crappy its only getting worse. 

It's original and originally ran the whole home. Its all natural gas.

the article I linked showed a good argument for having them all on one, or at least I could relate to it. I love that they pay it but it's going to hurt when I have to replace 3 different units over time. 

Looking for a referral for a concrete crew you've used and liked near Grand Rapids, MI. 

Thanks,

Sean 

Once a wall is opened you'll have to update. If it stays it will usually be fine. I had one unit that I gutted updated and can recommend a crew that did great work and were the most affordable if you pm me. 

Hi all,

I have 3 units in a house in Grand Rapids, MI. The first floor unit is still run off a boiler in the basement. The upstairs units are run off of two different furnaces in the attic. The tenants each pay for their respective heat bill. Nice right? or is it? 

A friend has proposed going to water heat in the top two units (lines are still there) and I pay the bill because then I don't have to replace 2 furnaces and a boiler when that day comes. The furnaces in the attic are also causing enormous ice damns on the roof which is causing serious problems in the winter with my historic fascia etc etc. 

Any feedback? I just read https://www.biggerpockets.com/renewsblog/2015/09/1... that made a good point at the value of new heat. 

I can see the "value" in both sides so what does it come down to?

Thanks,

sean