All Forum Posts by: Deron Jewett

Jason, Andrew, Ryan.

Thanks so much for the information. I have some more reading to do but if I understand correctly I will assume title under the Ladybird Deed and can just continuing paying the mortgage from my parents current mortgage yet not actually "assume the mortgage" and not have it impact my eligibility for a future FHA financing.

I may have awkwardly described what may be the strategy. The goal would be take ownership of the parents former home under the Ladybird Deed, continue paying the mortgage (even though it would be in parents name, not in mine). Then at some point in the future rent out the parents former home and purchase a "House Hack" under FHA 203b and live in it as my "primary residence" while renting out additional units. This would give me two to four "doors" depending on how many units the "house hack" has available to rent. The parents former SFH and 1 to 3 units of a multi-family FHA hack while living in the remaining unit as a "primary residence"? Have I misconstrued anything? Thanks again for being generous and providing the assistance.

DJ

I am the remainderman on a Florida "Ladybird Deed" (Enhanced Life Estate) on my parents home. I do not currently own a home. The mortgage is assumable upon their demise (and at a rate lower than those currently being offered). Assuming I could qualify financially (primary income plus FHA allowed rental income contribution from additional leased units), when I become the owner of the property, would that prevent me from using a FHA 203b to house hack a second property? Rent the parents former home and house hack a new property under 203b and live in a unit to fulfill the obligations of FHA 203b.

If it would preclude me from doing so, would changing the current Ladybird Deed to some form of trust (revocable living trust?) change the qualification status and allow this strategy? In that I would not own the home in my name (the trust would) under those assumptions.

Is this even a reasonable strategy to jump start a real estate investment portfolio, any alternative ideas are welcome.

I hope I have stated this with enough clarity, Please let me know if additional information is required to answer the question. I am confident there are many parts to this I do not yet comprehend. Thank you.

DJ

I am the remainderman on a Florida "Ladybird Deed" (Enhanced Life Estate) on my parents home. I do not currently own a home. The mortgage is assumable upon their demise (and at a rate lower than those currently being offered). Assuming I could qualify financially (primary income plus FHA allowed rental income contribution from additional leased units), when I become the owner of the property, would that prevent me from using a FHA 203b to house hack a second property? Rent the parents former home and house hack a new property under 203b and live in a unit to fulfill the obligations of FHA 203b.

If it would preclude me from doing so, would changing the current Ladybird Deed to some form of trust (revocable living trust?)  change the qualification status and allow this strategy?   In that I would not own the home in my name (the trust would) under those assumptions.

Is this even a reasonable strategy to jump start a real estate investment portfolio, any alternative ideas are welcome.

I hope I have stated this with enough clarity, Please let me know if additional information is required to answer the question.  I am confident there are many parts to this I do not yet comprehend.  Thank you.

DJ