All Forum Posts by: Rob Anderson

Glad to see this is getting some traction! Really looking forward to meeting you all.

Chambana Welcome Jess Barker

Background: 3 1/2 years ago I purchased a house using a FHA loan with the sole intent of owning and living in the property. Now my finances have allowed me to look into investment properties and I would like to proceed in purchasing a duplex (3bed 2bath on each side) and moving in to one side of it. I would like to rent out the other side as well as keep my current 2bed 2bath house and rent that out as well.

Unforeseen Problem: (In reference to my currently owned house)Upon re-reading my FHA Loan Doc.s I have come across an Affidavit of Occupancy. Stating the property will be used for Primary Residence and that the loan is in reliance upon the continued occupancy status as represented. (contract states that I must own and occupy for at least one year after agreement to purchase which I have done.)

Questions: Since I have lived in the property almost four years should I be concerned with this? If this is a major problem Is ReFi the only available option of removing this? It looks like the Affidavit states that if I misrepresent the occupancy status they have the right to receive from me an amount sufficient to reduce the principal amount of the loan to the maximum amount allowed for non-occupant owners under applicable regulations or industry guidelines(75% of FMV?). So if that is already the case(which i believe it is) I should have no problems?

Thoughts?

I acknowledge that all information received is given with the soul purpose of providing feedback based on opinions and previous experience and that no responses are intended to be used as legal advice.

Sorry for the Novel and Thanks in Advance!!!

Robert

Originally posted by @Clayton P.:

Hey all

Got a voicemail from the local police, saying You need to stop right away the "help with foreclosure" messages (yellow letter'd pre-foreclosures with auction dates in the next month or two) yadda yadda.. I heard there was some kind of legal aspect to this kind of marketing but I didn't pay attention, I'm just learning by doing and pursuing all routes.

I'm not worried at all about this by the way, but does anybody want to fill me in on how it's illegal to mail preforeclosures saying I can help them avoid the situation?

So the question is, are there any other marketing niches that can get the cops called on me?

Haha. . . Keep going this route and I bet your first/next RE Investment will be a nice 6X9 piece of property. 1 bed maybe 1/2 bath if your lucky. You can rent out half of it to a nice guy name bubba to help offset your holding cost. Get a 15 to 30 year term depending on how good you are a negotiating. If your smart maybe a few years in you can flip it. use a 10/30 exchange, deffer capitol gains tax and re-invest into an 8x10. Just a thought. Good luck!!! Your going to need it.

Thank you Bill Gulley for the info. I checked out the post. It is more discussing the interpretation of the law. I'm more interested in how people are planing to continue to invest and what people are doing because of the laws. Can anyone offer up a general idea of the cost one should anticipate to incur per home when using a MLO and a loan service. Are the cost worth it to a small investor?

To the season mobile home investors, what are your legal exit strategy plans for 2014 and what methods and strategies are you eliminating from your business plan due to the new laws?

How long did it take him to get where he is at now? What kind if Capitol did he start out with?

1. Work backwards-Your goal sounds like 10k income a month. If thats the case there are easier ways than 100 doors at 100 a month cash flow.

2. Find a niche- With an aggressive goal like that (and little knowledge right now) you will have to be focused on a specific avenue to invest.

3. Read a lot, build your knowledge.

4. Build a team.

5. Find creative financing options.

6. Start.... there are a lot of steps you need to learn by doing.

7. Ask questions.

8. Keeps us informed.

9.

^^^^^^Left empty for the additional 753 steps not listed above.

10. Good luck.

This forum continues to become more and more of a nesesity for new and seasoned invstors.

Edit to Og post above... Deal on 9 houses looks promising.But looking at the numbers you would need to get to your 2.3M dollar number the seller wants for everything could get sticky. rough est of the top of my head puts you at about 45k per lot on the other 36 empty lots. Is that attainable?