looking for a little direction
We live in a small 900 sqft house free n clear with couple acres. We live next to alot of her family and our goal is to add on to the existing house. Were both self employed. I install tile and stone.
I want to buy a duplex with 203k loan. I see I have to live there so could I move my address there and still live at our home? Maybe stay there on weekends or something? looking for advice thanks in advance
That is an interesting concept. I have thought about that too I don't know how you can get around it. I would also like to hear someone else's input.
Well that about sums it up for me thanks David
Simple solution move into the house. Most residency requirements are 1 year
@ David Krulac
When I see folks here say there buying, fixing and then selling a single family house, how does that different from a flip? Or is it same thing.
Flipping means some different things to different people.
1. You get a house under contract, and before settling you assign the contract to somebody else.
2. You buy and settle on a house and do nothing to it and sell to somebody else.
3. You buy, settle, rehab and resell the house.
All 3 are flipping imho.
A 203k loan, is an FHA loan, for Owner Occupants only. People that are flipping, aren't using FHA loans.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.