Trailer Hacking with an FHA Loan
Hello, my name is Parker Gilow and I am an 18-year-old student at Texas A&M University. I have decided to take the big step early and get started with my real estate investing career. While reading "The House Hacking Strategy" by Craig Curelop, I came across the idea of trailer hacking and had a question.
If I use an FHA loan to purchase a property, can I legally live in an RV or camper near/outside the property, or does the government consider this mortgage fraud for not actually living IN the house? I've heard it's not so fun to deal with mortgage fraud, but is there a high chance I get penalized for this?
Also, if there's anyone reading this in the College Station/Bryan area and is interested in getting together one day, I would love to meet up and soak up all the information I can!
Hey Parker, it was a great idea, but FHA has guidelines when purchasing a property, one problem you'd come across is the fact that FHA can't have moveable AC systems, your AC system would have to be grounded to the property and immovable. To get the most out of your loan I always recommend a multi-family FHA loan to be best, where you can live in one unit and rent the other ones, and have it alleviate the cost of your mortgage. With the new loan amounts, all you really have to do is get in contact with a mortgage company that deals with investment properties. I happen to know one if you'd like feel free to PM me!