All Forum Posts by: Travis Richardson

I’ll be there

@Paul Welden that is interesting.  So both borrower and co-borrower would Need to live on the property.  That must be the difference between co-borrower and co-signer. Good to know!

@Timothy Borg I wonder how long you have to hold the property before you can refi?  

@Lauren Havens that is really creative! This concept sort of on paper shows long term rental, but underneath could implement short term. That would create at minimum, a gray area in the eyes of FHA maybe? I wonder if that could work!

So here's my story.

I am a 43 year old systems engineer in Iowa, and am looking to get started with real estate.

In addition, I have a 23 year old son who is willing to move anywhere and help out in whatever way he can.

   My thought is this...

Have him take a 203k FHA loan on a 2/3/4 plex unit.

He lives in one unit and we either do a short term rental on the others.

   My reason/goal is...

I'd like to begin the BRRRR with a house hack doing short term rentals. Also, I'd like a place to live for a few months of the year in Florida (selfish reason lol). I have a plan to move in the next 18 months from Iowa to Asheville, NC. So I'd like to do this somewhere in Florida, maybe Miami, which is within the driving range. I'd then short term rent my home out in Asheville, NC and in the winter, find myself in one of my units in Florida.

   Complicating factor:

My son doesn't have 2 years income to show.

   I'm wondering the following:

1. Can I even do short term rental on the other units with an FHA. I've heard conflicting opinions.

2. If I signed as a co-borrower on the FHA loan, would that overcome my sons lack of history, credit score, etc.

3. Could I myself apply for the FHA loan in Florida, and then just turn my house into a rental, and live with my gf, and have my son occupy the unit in Florida?

4. Is there a better method, given that I have equity in my current home.

Thoughts?

I’m in the same boat!!!

See you there!  

Anyone have a meetup they are doing here in CR?

Has there been a group established here in CR? I have a few buddies interested in starting a group or mastermind around BRRRR and AIRBNB arbitrage. Looking for others locally who may want to collaborate.

Anyone have a strategy for identifying arbitrage-friendly apartment complexes and owners?  Seems like this is a lot of the effort to begin with.