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Michael Veloso
  • Pittsburgh, PA
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Using FHA for non-owner occupied

Michael Veloso
  • Pittsburgh, PA
Posted Sep 24 2019, 11:14

Good Afternoon fellow BPers, I am considering using FHA to purchase a Duplex in my area but I have no intentions of living there as I already own a home free and clear. I have the reserves to put down 20% but ideally I would like to hold on to my cash to spruce up the place to increase the rents and purchase another property early next year. The duplex is partially rented so I could say that I will live in the other unit once I purchase the home. My question is how long do I need to leave the place vacant before I am able to rent it out to someone. I am trying to avoid gaming the system by simply changing my address, but I was told by a local investor that he does it all the time. Looking to do this right from the beginning. Thanks

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