All Forum Posts by: Stephen Foote

I hear a lot of people discussing “Live-in flips” often, and it sounds like a great way to reduce tax burdens after holding it for some time while rehabbing. My question is more about how to analyze a potential live-in flip. Should I analyze this like a normal flip? If anyone has experience with this please share the knowledge.

@Nicholas Edwards

Thanks for the information! Honestly, I didn't know there was a fee until this forum discussion. If you have any other useful information regarding VA, conventional, FHA, USDA(which I only heard about on the Real Estate Rookies Podcast), etc. That pertains to investing please share, thanks!

@Demon S Rogers

Thanks for the clarification on this. This is exactly what I was trying to figure out with this post. I appreciate the help!

@Chris Pasternak

Chris, Not realizing this was fraud until I asked this question yesterday, I will 100% take your advice and NOT commit fraud, thanks.

@Andrew Freed

Andrew, I’m really glad you incorporated the “why” in your answer. I just want to be clear, and maybe because this was my first post on the forums it came off as disingenuous. Financial freedom is the only thing I think about every day. I could easily go buy a house for my wife and I. And it would be a respectable house, but we choose to live with my in-laws, and we are frugal as a family because this life isn’t about working 55-60 hours a week, and not seeing my family. Or doing the things that might help our children when they grow up. I’m willing to get as uncomfortable as possible to give my children better than what I had. I’m glad you mentioned that point, and I fully realize real estate isn’t a half-in half-out game. Thanks for being honest about your answer.

@Anna Laud

This is exactly the answers I wanted for this question. 1.) i wanted to know the legality of the situation, so I’m glad that’s cleared up. 2.) I could definitely put 20% down on a property around 100,000 (which is the price of some properties in my market), cover closing costs, and leaving a small amount in cash reserves. However, this being my first deal Im not comfortable with a smaller cash reserve. In your opinion, should I just wait and keep saving? Should I try to find a partner?

Hello all, I've been hesitant to actually post anything in the forums, but I feel like I need help from a group of like minded people. I'm currently living with my in-laws (and actually happy). I have a decent job, no debt, and a decent amount in cash reserves. I am a veteran and was thinking of using my VA loan with lower interest rates right now to purchase a duplex, tri-plex, four-plex to possibly brrr, or justo rehab and hold. Like I said before I'm actually happy at my in-laws, so I don't want to move. I'd be happy leaving one of the units vacant for myself under the VA loan. The reason I want to use my 0% down VA loan and not an FHA or conventional loan is to keep my cash reserves in case something goes wrong (being that is is my first deal). Can anyone tell me if this is something that can still work, even if I leave one unit vacant? Or if I should refinance later and utilize a different loan down the road? Any advice would be great, thanks!