All Forum Posts by: Elizabeth J Humphrey

Consider moving it to a self directed IRA.

They can check other ways, such as change of address and DMV. If one of the tenants lease is not up in time you may need to buy them out of the lease so you can move in within the 60 days timeframe.

I currently have separate policies and separate insurance companies for my primary residence and my SFR which has a landlord policy. Check Security Fisrt insurance.

FHA requires owner occupancy within 60 days of closing unless there is a rehab loan involved, if all units tenant occupied, you can make that part of your deal that one unit becomes available once you close or you can pay one tenant to break lease and move, you will also have to 3 months of PIT ( principle, insurance, taxes) available for the loan

FHA usually want the owner to occupy within 60 days of closing, unless you have to do rehab, you also have to write a letter to that affect and why you are moving, etc

I will be closing on my first Fannie Mae property as an owner occupant next Tuesday. It is an eye opening experience to say the least. Once your offer is accepted be prepared for no contingencies, they usually stick to their guns about an "as is" contract or property. If they accepted an offer that is much higher than yours the contract may fall through if the property does not appraise to the selling price. Ours did not, but it was only $2000 so we just put that extra down, FM refused to budge on the selling price. So you might get it after all. And the buyer must be able to get home owner's insurance and that might be a show stopper too if it has engineering issues and has to pass an inspection. Good luck to you, I have sure learned alot in this process.

Anyone have any A rated companies that will insure a SFH in Florida without a 4 point inspection? Buying a vacant foreclosure that I am pretty sure it will not pass. If no insurance, will have to cancel contract as the lender requires insurance. Buying from Fannie Mae so no concessions allowed, like fixing things prior to closing to be able to pass the inspection.

Originally posted by @Mark Holencik:

You can not put cellulose on top of fiberglass. 

You can put fiberglass on top of cellulose.

You may be better served with radiant barrier.

 This attic insulation is loose, so I guess it is fiberglass since I'm sure it has been there since 1980, so I guess loose fill fiberglass on top of the existing insulation is the way to go. Radiant barrier is probably out of reach price wise for this rental. Thanks for all the input

I would run an analysis like it is any other investment property. You will need to emotionally detach and see it as a rental. Good luck

Home built 1980, original installation. Wondering whether to blow in insulation on top of old or take out old before putting in new insulation.