All Forum Posts by: Drew Poniewaz

@Gregg Thomas

Welcome to BP, #STL

@Albert Bui  @Brie Schmidt @Eric Gutierrez @Gordon Cuffe @Joe Impagliazzo 

Thank you all for your responses. It has been very helpful and I have the info I was looking for.

@Joe Impagliazzo

It's not that I want to use FHA for my new property. I have FHA on my existing property and thought that I would not be able to rent it out as it was my private residence. I would prefer conventional but wasn't sure I had 20%. I did not know that I could get a 95% conventional. I will be looking into refiing my existing and getting qualified for a newloan ASAP.

thank you @Steve Babiak and @Karen Margrave .

I guess it didn't work the same way when responding from my phone.

When people reply to a post the have @whomever highlighted. Sometimes people highlight and entire response. I this a simple copy and paste or there another way of tagging that I have not figured out.

Also, I am in St. Louis MO. If that has any bearing.

@Brie Schmidt

@Albert Bui

Thank you both for the responses. I will have to get an appraisal to see if my equity is sufficient for a refi. I have some stock options that I can cash in to put a down payment on a second home, but wanted to try to rent my first home without having to refi out of my FHA. I knew that was pretty much not an option, but I wanted to double check. I do not qualify for any of the exemptions. Forgive my ignorance Albert, but are you saying that if I have at least 5% equity or enough for a 5% down payment that I could possibly be able to refinance my first home into a conventional loan? Would that be an option for my second home as well? I would assume that would be a fairly high interest loan. What other qualifications and what type of institution would be interested in that type of loan?

Thanks again.

I have an FHA loan on my private residence. I would like to buy a new private residence and rent out my first house as a rental property. Is there anyway around the FHA loan and renting my original home? Can the FHA loan be transferred to my new property and get a conventional loan on my original property?

I'm interested.

Thank you all, everything was very helpful.

The main question I had was how I would be taxed on a flip. (which I did not do that great of job conveying). I was thinking that if I profited from a flip that it would be considered more than just ordinary income.

My intent is not to avoid taxes just not to pay more than I have to.