I recently had a contract fall through in underwriting because of the property would not meeting valuation along with several other issues on the sellers side.

It looks like it’ll fall through because as I’m told the government isn’t available to finance sub prime loans at the moment and there aren’t any private investors available.

Otherwise you run the risk of falling in love with a house only to find out you can't afford it or (maybe worse) can barely afford it.

Having a preapproval letter will put the seller at ease and help them choose your offer since they know the financing likely won’t fall through when the property is under contract.4.

It's pretty clear in bold letters on loan docs that it is an owner occupant loan.Plus, closing attorneys usually mention it when you're signing the papers...especially if they know you're new.The bank likely wouldn't not fall for the story you were going to live in it if you closed in 16 days and had it it rented out within the month.Your best bet is to cross and your fingers and hope they don't ask in the next 12 months.

If I rent to someone for a 25% increase, that gives me one month of extra rent to offset the risk of vacancy in the fall.

IF that falls through, have the next one lined up.

Just as a heads up though in case you decide to pursue if it falls out of contract the unit mix is as follows: 3 BR 2-floor apartment in the front of the house, 1-br unit in the back lower floor, 1-br unit back upper floor.

I am planning to go and work on the house and rent it or flip it , who knows maybe I fall in love with the place and house hack.I would love to connect with everybody investing and living around the area so I can get some local knowledge and go more prepared.Congratulations on the house JuliaFrancisco

I see this going into 2021 because of the second wave that's more than likely going to hit fall.