Houston Southard
a name that looks so fake you'll care just as little to learn it's not
lindenwood (Acquired september, 2021)
I closed on this little cutie in September, and yes, Oleatha also named this street after her college alma mater. You’re supposed to live in these FHA owner-occupied properties for 12 months, but if after that 6 month/210 day gridlock period you can refinance into a conventional loan through some strategic sweat equity, favorable appreciation and a little luck timing the market, the restrictions don't travel.
After closing, I’ll have 60 days to occupy the lone bottom right unit and will still have officially surpassed (with the dozen garage units rented to separate tenants as long-term vehicle storage) 20 rental units.
I got this spot for a fat $330,000 with 3.5% down, but after all the lender and seller credits, what I brought to closing was much less. I’m still figuring out what updates I’ll make to this one in the coming months, but my next stop will be a summer 2022 refinance to sneak in one more FHA loan (a special loan with 30 grand in rehab costs baked in called a 203k loan), this time for a quiet single-family house, and finally pivot from this back-breaking serial mover strategy into seller-financing and short term rentals.