All Forum Posts by: RJ McCoy

@Jon Deavers

Thanks for the reply! I agree with you that finding a property with those specs will be difficult. I am glad i now know i can in fact move out of the property before a year and i will also be able to refinance after 6 months given there is enough equity in the home. My mother has worked with a couple distressed properties in a couple parts of Richmond , VA and manages a few others, some flips being in warzones which she made decent returns. I love the house hack strategy and would love to implement it for my first deal but being as i am living in expensive San Diego it looks like the only way i would be able to use this stategy is to buy a 2/1 apt and rent out one bedroom through airbnb to help pay for the mortgage haha. I am going to message you this evening!

@Russell Brazil Great, thanks for the info!

Hello BP, I am looking to buy a property using an FHA loan since I do not have much money to put down. IM looking to buy and rent out an undervalued property and force appreciate through sweat equity. My question is, if I were to buy a property for 70k with an fha loan ( 2.45k down) spend about 10k in repairs, increase its value to 100,000 would I be able to refinance out of the fha loan to a conventional loan without having to live in it for a year? Thanks, RJ