All Forum Posts by: Chris Seveney

I purchased a homepath home which was asked in the contract (note we put it was not our primary residence and it was not an issue) If it was not listed within the offer form I don't see why you need to answer the question.

Anything above 4 units is considered a commercial loan

In regards to making the basement a studio - in fairfax county and most of NOVA be careful as it is illegal to do so. In regards to cash flow on FHA at only 3.5% down and paying PMI it will not happen in northern Virginia. Northern Virginia market is not a cash flowing market at purchase. Two options are to buy and hold and build equity in property or fix and flip (which is super tough because of so many people in the area doing it) This is just a tough area to get into without a lot of cash and being well connected.

In most states you can sell but the new owner must honor the rental agreement in place. I don't see why you couldn't sell it now as there are many investors who buy knowing a property has tenants As part of the agreement a purchaser may request background check and credit history of the tenant.

I would recommend if you have never developed before to be very cautious. Developing a single lot vs. multiple lots is also a very big difference. In a single lot it may take several months to get permits, your permitting/design costs can run in 10's of thousands. If it's a subdivision you may have to put in roads, fire hydrants. Water/sewer connections, storm water facilities and permitting can take over a year. I would never consider new construction "quick". Unless you are very experienced, you would not be able to get something built in under a year.

Another place to place it is military by owner. This is how we rented out last townhouse. It also depends on price range etc. the one bed one bath will be on the lower end of pricing in the area so I may recommend getting a realtor to do the credit checks to make sure you get a good tenant unless you are comfortable doing it on your own.

What area of Worcester ? Feel free to send me details

For non owner occupied you will have a lot of Trouble - this is one area that got banks in trouble not to long ago. As when they lend up to that amount and prices dropped people just walk away because it wasn't a primary house

For non owner occupied you will have a lot of Trouble - this is one area that got banks in trouble not to long ago. As when they lend up to that amount and prices dropped people just walk away because it wasn't a primary house

Very useful information. Thank you