All Forum Posts by: Susan Elliott

@Chris Mason Thanks for including the exact clause here. This is what I expected and am happy to have support for this. Thanks for your time!

@Kyle J. Yes, thank you for that very clear list. This is what I suspected. I'm happy to have so many confirmations of that so I can move on to other strategies. Thank you.

@Bill B. I will be sure to look for that page in the documents and discuss this specifically with our lender. I also saw that google definition and am happy to have some folks generally confirm it here. I have no intention of trying to break any laws. I'll just need to search for other financing strategies!

@Jason D. Got it. Thank you for the confirmation of that!

I'm learning about mortgage options for my first investment property. This is also my first home purchase, so the FHA loans and other owner-occupancy options are on the table. I currently live rent-free as a caretaker just 15 miles away from the duplex I'd like to purchase. I don't necessarily want to move.

My question is what is the legal definition of "primary residence"? Could I rent out both sides of the duplex but still call it my primary residence by changing my address to that of one side of the duplex? Could I rent one side 100% and the other 50% (6-month lease or short-term AirBNB perhaps) such that it is my primary residence? 

From what I have researched, I may have more loan options if it is a primary residence. However, I do want this to be a long-term investment property. Thus, I wonder if starting an LLC and getting a traditional 20% down loan may be the best long-term option for this property while providing me the flexibility to NOT live on the property.

Any other creative ideas for conventional financing out there? (I am only beginning to learn about private lending currently).

Thank you all!

I'm in a big education phase of my investing and I'm looking to learn more about the market, both specific to real estate investing but also stock investing. I'm looking for go-to resources (books, newspaper columns, favorite editorials, etc.) that help you understand today's market (in the United States, but also globally). I'm hoping to get a better feel for how economy fluctuations relate to investment opportunities by better understanding those fluctuations. I want to integrate some research/reading about the market into my weekly reading time and also hear what books have provided good foundations to help educate the new investor.

While this is meant to be a wide-open question, I look forward to seeing where the conversation may go. 

Thanks for your input!