I know of many people that have done this in connection with rehabbing properties and so long as you play by the rules of the lenders, you will be able to excellerate the growth of your portfolio.You come out better in the long run if you dont refinance and just keep the original FHA loan in place at the low rates and just live there the prescribed 1 year then go get a new 1-4 with a new FHA loan as a primary.

It was a good topic and I hope he touches it up a bit and puts it out there.I'd say learn the basics, financing rules, teach them how to look things up and how to think.

Fourth I do not play in that space or have the network there so I tell them of others who do that type of thing.As soon as you try to become all things to all people in the sake of making a buck you lose focus and traction of what you are specifically trying to do.

Matthew,This may be an idea to help get the process closer to your goals.First, know the game and the rules of the game.

Lending rules are pretty tight now a days.

I have to rule out plumbing, HVAC, or electrical due to the fact that the house isn't even roughed for these systems yet.

Are the maximum rules per room federal or state?

Kenneth I think he's saying that the rents are $1100/unit, so it would gross $4400 (~3800 since it's owner occupied with room mate),50% rule would leave him with 2200 in expenses which means he'd be losing3800-2200-2579.15= -979 all included (hopefully).At least that's my newbie analysis.

No, as a rule, at least in our climate, you don't have to have a dryer on it, usually it drying too fast is more of a problem.

For hazardous waste removal and other junk fees.My rule of thumb these days is to allow -20% profit on a major systems job (roofing, AC replacement)-$2-$2.25 per sq ft of fooring (Tile Hardwood)-$175per day/$25 hour/ per man for painting and handyman workI guess if a plumber can get $500 an hour then more power to him, but hes not getting that from me.And I can relate to your plumber story.