I am just finishing up my renovations to my first Duplex in the Mt Washington neighborhood. I was looking to self-manage the property, however, a new job in a different city may affect this. My current mortgage is in my name, however, I was debating on switching from the FHA/203k Loan to a Conventional Loan based on the appraised value post renovation (even though, I should do this after the house has a track record for performance to appraise on the cash flow that the house can operate at).
Questions I have:
Does anyone have a Mini-checklist on actions that I should perform before switching from local investor to a distant Investor? I don't really want to sell just yet, as I might move back to the area.
Is there a big difference on when I finance out of my FHA, immediately after renovation or after some time of performance?
Any Property Manager recommendations?
You don’t Need to finance out of the fha unless you want to......moving for work exempts you from having to live there for one year. Duplexes aren’t appraised on cash flow, but on comparable sales only.
Agree with Wayne about "Duplexes appraised on cash flow, but on comparable sales only."
I would like to use another FHA/203k loan to buy my new home (project) at my new location. So moving for work exempts me from being locked into living at the house for a full year, but I assume I would still need to get out the FHA Loan to get another one (awaiting my broker to call me back).
No, you can have 2 fha mtg.s due to the move (greater than either 50 or 100 miles, I forget).
@Rolando Irizarry I would confirm with a good mortgage broker about being able to have 2 FHA loans at the same time.