The reason why I am unsure of this scenario is that I know the theory states that this is usually a non-owner-occupied property (someone buys a single family home close to their primary residence so that they can manage it and take advantage of the loophole in this manner). 

• Purchased directly from a mom-and-pop operator off-market• Secured $1M credit union loan and raised $500K equity to close• Existing owner had inflated expenses and below market rents• In-place rents approximately 30% under market at purchase• Expense ratio at least 10% above the norm How did you find this deal and how did you negotiate it?

Myself, significant other, and my close friend/business partner have been renovating his personal residence for the past few months with the intention of renting it soon.

Myself, significant other, and my close friend/business partner have been renovating his personal residence for the past few months with the intention of renting it soon.

Closed yesterday on a 3/2 under 70k with 1300 sec 8.

Rates are usually better with LLCs, and given the liability protection, LLCs are probably a better choice.

For this reason, they opted for financing through a local credit union to avoid prepayment penalties.Prior to purchasing the building, cash-for-key agreements with 4/6 apartment tenants to move out post-close were reached.

Coming at you live from Nashville, fueled by today’s amazing beef jerky and caffeine of choice.

Is there anyone in the orlando area willing to lend on closing cost for a house hack?

In March 2024, 1,197 closed sales paint a picture of urbanity intertwined with coastal allure.