All Forum Posts by: Ellie Narie

I need advice! There's a foreclosed 4plex in decent condition that I'd like to buy with an FHA loan. I really really want it! The place is in ok condition but might need some updated paint, but otherwise it's in decent condition, so I might not even need to improve it or anything. It's listed for 450k, but my real estate agent said there are already 3 offers on it, and it's been on the market for less than a week! Do you think people are offering more than 450k on it? Should I offer more? I don't even know if I can qualify for more via FHA, I think I might qualify for like 455k based on all the numbers... do you think I have a poor chance of getting this fourplex?

Also, what if I write a letter to the bank that has it about my situation? Maybe they will feel sorry for me or something and sell it to me, whatever works lol! I don't know if I can actually do this, and what my chances are of the bank actually looking at it? 

any other inputs?

It's more about the fact that FHA will only finance duplexes that are pre-built, but since building a "new" manufactured home is considered new construction, FHA doesn't allow multi-family homes that are new construction. So, the lot that I'm looking at will actually allow a duplex, but financing won't.

 I have, but they cost pretty much the same as stick-built. 

Custom built because I want to add an inlaw apartment and to design the house in a way where I don't have to interact with the tenants, as in, they have their own exits and entrances and perhaps make their bedrooms into mini studios (with full bathroom and kitchenette). I want to have the tenants pay the mortgage. The rooms will rent for the same amount no matter whether it is stick built or not. Land is about 30-40k, which I will also have to buy with the FHA loan.

I am thinking of getting an FHA loan to buy land and buy a brand new manufactured home to put on there. There's a mobile home builder near me and they can do custom floor plans, so I'm thinking of putting a lot of rooms into the home and renting them out, or perhaps putting in an "in-law" suite to rent out, while also living in the home. Mobile homes are just a lot cheaper than stick built. Like, quite a lot, maybe 50% cheaper, and they look great on the inside, like a "million dollar" home. But, I know they depreciate... is it really a bad idea to buy a brand new manufactured home and put it on permanent foundation? The homes look great and it's way more square footage for the money...

Say it would be a 2000-2500 square feet "SFH" with 10 bedrooms and 6 bathrooms or something like that. Half the bedrooms would have their own bathroom. How would such a house be appraised? Would it be worth more than your average 2500 square foot SFH, or less?

 This is what I was thinking as well. However, since airbnb income can be different each month, would it be legal to set up that kind of "rental agreement" with my S-corp in the eyes of the IRS? Where the S-corp only pays me the rent in proportion to what airbnb income the property made that the S-corp was renting out. So it won't be a "monthly" fixed rate, or even a daily fixed rate, it will be different every month. I'm wondering if such an agreement is ok in the eyes of the IRS. 

If I build a "single family home", are there usually limits on how many wet bars it can have? I know there is a limit of "1 kitchen", but what about wet bars? Like, I'd like to build 5 200sqft studios all with private entrances, full bathrooms, and kitchenettes. 

I thought that vacation rentals where the average stay is less than 7 days are automatically considered non-passive self-employment.