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21 November 2024 | 18 replies
Saying you want to eventually "get out of Section 8" is akin to saying you want to eventually "get out of renting to [insert a traditionally marginalized race/ethnicity/religion]"
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21 November 2024 | 10 replies
Thanks for any help’ Yes we're licensed there and FHA guides in one state apply to all states unless a state has a specific law that supercedes the FHA lending guideline.FHA is always 3.5% down minimum (in some cases less because you're using a DPA or down payment assistance program or 2nd lender to put down over all a lower down payment than 3.5%, Aka for instance 3.5% DPA + 96.5% FHA = 100% financing but just dont kid yourself this is fully 100% leverage and to be used with caution and carefully).In the case of 2-4 unit FHA is still 3.5% down payment @Matthew Kwan @Carlos ValenciaThere are rules regarding FHA such as:- primary residence - you must occupy one of the 2-4 unit property as your primary over 50% of the year and the underwriter needs to believe you will remain and have the ability to live in there, any deviation from this and you'll get a whole laundry list of conditions asking you to prove why you should be believed to be living or will live there (if this arises dont be surprised, it just means the UW doesnt believe you).- SS rule - self sufficiency rule - gross rents of all potential units 2-4 X gross rents at 75% needs to meet 1:1 or 100% of the monthly PITIA payment or greater.
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21 November 2024 | 8 replies
You may qualify and make it your primary for two years before moving to the next.
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21 November 2024 | 2 replies
My primary focus is on Wholesaling and Rehabbing in NJ and PA area.I’m eager to learn more about strategies, best practices, and the challenges of real estate investing, especially from those with experience or breaking into the market.
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21 November 2024 | 3 replies
It was our primary a few years ago and we decided to sell so we could escape the capital gains tax.
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20 November 2024 | 0 replies
Purchase price: $163,000 Cash invested: $90,000 Primary Residence...
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22 November 2024 | 12 replies
—and work with an accountant to make sure everything is properly documented.As long as your primary goal is to sell the property after renovating, your profits won’t be taxed like long-term rental income.
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20 November 2024 | 3 replies
You can acquire your first primary for 3-5% down for conventional or 3.5% FHA + upfront cost for fha specifically.
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21 November 2024 | 1 reply
One is my primary which I live in with my girlfriend - I'll call this property A.
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23 November 2024 | 20 replies
Our primary defense against this in C-class housing is to rely on deadbolts for entry doors.