Michael knew he wanted to live for free. Living in an investment property is the only way he could do it. Page (from a previous post) told him I was the best! I LOVE referrals (who are you going to refer to me?). We found an incredible property. One of those old buildings that no one destroyed by remodeling. But, this was a short sale. During the process, the house went to foreclosure. VERY annoying, especially because we didn't even know that the seller was behind in his payments.
As is always the case, Michael found something better. I had shown this property many times in the past, but the exterior paint was always an issue. We discussed a way to make this work for him and set up the appointment. Eureka! When we got to the property it was already painted! Two of the three units were ready to rent. The third unit needs TONS of work. This would be Michael's new home. You see, FHA doesn't care how ugly it is, it only needs to be safe. And have a stove. Why a stove and not a refrigerator you ask? I'm sure it makes sense to some underwriter out there. I can eat cereal, cold cuts, and use a microwave to live. But, FHA wants me to cook my spoiled food (since I don't have a refrigerator) on a stove. While Michael was at work I got a stove delivered for him and had it reinspected by the FHA appraiser. I don't always understand (or agree with) the rules of the game, but I follow them and help my clients win the game of Real Estate!
Contact Joan Lord with Horizon Realty to star in your "Episode."
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