All Forum Posts by: Shaye Mora

@Kiera Underwood @Ray Harrell I have both properties under a tenant policy. I know bypassing this is unethical and "illegal" but it is more beneficial for me to live in this newer home for several reasons. 

 Frank, how much per month do you lease the washer & dryer for? I'm going to start doing this with tenants in need. 

I'm looking for tips on how to bypass the minimum 1-year requirement on an FHA Loan.

I am currently house hacking a duplex I bought in March 2019 and just recently bought a SFH on June 1st. The duplex is under an FHA loan, which requires me to live there for a minimum of one year extending out to March 2020. The SFH has a 2-car garage for storage and a fenced in backyard for my dog. By moving into the SFH, I'll be generating more income when I get a tenant in the other side of the duplex when I move out.

My question for biggerpockets is, how can I bypass the FHA 1-year requirement? How/when do they even look into this requirement? Is it the utility bill? The mailing address?

Thanks in advance, BP!

"You make your money when you buy, not when you sell"

@Jacob Sampson My point exactly! I want to keep my expenses as low as possible - avoiding lawn care services, providing lawn mowers, repairing/replacing lawn mowers, etc.

Wholesalers / Investors,

In business, everyone wants to keep their overhead as low as possible to be more profitable. In some situations, you do have to spend money to make systems in your business operate better. 

Question: 

Do you add another phone line for business? 

What app(s) do you use on your phone to separate business calls?

Rental Property Investors - 

Do you provide your tenant with a lawn mower and a snow shovel to upkeep the property? 

Would love to hear what others provide their tenants for upkeeping a property. Once I get pretty scaled away, I don't see myself providing 50 lawn mowers for 50 properties in the future. 

@Kyle Wells you bank on appreciation? One thing I would never do for a property! How do you put a number to that? Or how do you calculate the investment?

Good post, Kyle! I agree with you fully. You have to look at the ARV. You can't base the 2% off a house that isn't rent ready.

All the houses I seek are rent ready properties, with small interior fixes! The 2% isn't the main focus of the investment. It's a quick check to see where the property stands, then you dive deep into the ROI after all expenses.

 Indeed it is hard to find! My first deal I got was a 1.88% and this 2nd deal I'm about to close on is sitting at a 3.0% flat!

I don't look at the 2% rule, but more at the cap on my investments.