All Forum Posts by: Zack Adams

Per their rules, you need to occupy the place as your personal residence within 60 days of closing on it.

4155.1 4.B.2.b FHA Requirement for Establishing Owner Occupancy

At least one borrower must occupy the property and sign the security
instrument and the mortgage note in order for the property to be considered
owner-occupied.

FHA security instruments require a borrower to establish bona fide occupancy
in a home as the borrower’s principal residence within 60 days of signing the
security instrument, with continued occupancy for at least one year.

https://www.hud.gov/sites/docu...

I'll second what Brady said, challenge the appraisal (get a different one), and/or renegotiate the offer. 10k is a lot of walk away from, I'd fight a little before simply walking.

I'm just over in Bluffdale. Were you looking to house-hack this duplex or is it purely investment?

I don't know if you have a threshold, I'm a smaller investor (about 10 rentals), but I'd never say no to a cup of coffee :)

I'm all for squeezing out extra profit by renting a place by the bedroom, or renting a bedroom on Airbnb ... but I always make sure that it'll make profit by just renting the place out traditionally to a single family, so that I'll have something to fall back on if the other methods fail. 

I bought a condo once in downtown Salt Lake and then rented it on Airbnb, made a couple months of killer profit, then had to stop the Airbnb once the HOA started throwing a fit. Luckily, it still is profitable rented out to a single tenant ... but this would have been a very sad story if the unit couldn't bring in enough traditional rent to cover the expenses

Thanks for all the help from everybody that came out. I'll be doing many more projects in the future. Took a month and a half to complete and came in at $12,000 (which included new kitchen, bathroom, furnace, AC unit, paint and flooring throughout) Here's the final turnout:

Update on the progress - There's been a couple guys take me up on my offer. It's been great chatting and working with ya'll. I'm painting now, tiling tomorrow and installing the kitchen later this week

Thanks for all the responses guys! Today was day 1 - Demo Day! Still some more demo left and then we start into the fun stuff.

I'm a real estate investor in the Salt Lake City area. I have a fourplex in Sugar House (a neighborhood of Salt Lake City) and am starting a renovation on one of the units this month (January 2017). I'm doing all the work myself, but am willing to share the load if people want to come help and learn about real estate investing, how to turn-over a rental unit, what upgrades get the most bang for your buck and tons of DIY projects like replacing a toilet, tiling, drywall, texture, and installing laminate flooring. I'm a wealth of knowledge when it comes to the Salt Lake area and you can ask ALL the questions you'd like while you're working next to me ... AND I'll provide lunch/dinner.

I love how responsive this community is!

Thanks Kristopher! I'm looking forward to some Virginia investing