For those curious, if this applies to them, just follow these general principals: To qualify for the Section 121 exclusion you must: Must live in the home in the past 2 of the 5 years 24 months non consecutive required Must have owned the home for at least 2 years Only one spouse needs to meet the ownership testBoth spouses need to meet the use test Neither spouse has excluded a gain / used section 121 in the past two years Must file jointly for the 500k exclusion

. $100k performing I/O note for $90k), how do you classify the extra principal you get back when the loan matures?

Hi all - any remaining funds from Reno loans go towards principal curtailment.

In the meantime, I use my W2 income to pay the HELOC minimum and try to through  between $500-1000/month toward the principal to pay it down. my point is you have to pay some how and if the hello is your only option to get in the game then I say go for it.Good Luck!

It will spark conversations with people you didn't even think would have an interest in your services.You may be able to find a deal or 2 within your own sphere of influence.I see that you're a school principal so as long as it doesn't conflict with your position, I'd imagine that you have a lot of folks around you who trust you and your judgment.

electrical upgrades , plumbing,kitchen, roofing, shower, sewer,windows, doors, appliances.. plus I add the first 6month on the loan.My concern is that $18k as leftover in the escrow it should go back to the principal and I only  got  $15K the bank said that the rest is towards mortgage payments… ??? 

I think those rules have been in place for a long time.U need to be a broker/dealer and or i have seen RIA do this I think legally. but you do need some sort of license to raise money .. or you need to be principal or an employee

The cash flow from the other units may or may not cover your expenses or mortgage, but that's not the end of the world. 2-4 units in FL are expensive right now, but it allows you to get your own place, pay down the principal and start building your track record and portfolio. 

In 2023 before I invested any funds, each and every time that I spoke with their representatives, I asked as my FIRST question if Norada Capital Management had ever missed any interest or principal payments, and was always told the same thing by their representatives, that Norada Capital Management had a perfect payment/reimbursement history. 

As you are probably aware FHA rules state "FHA’s single family programs are limited to owner-occupied principal residences only."