HUD homes-investor buying as o/o - Landlord Forum thread 324995

HUD homes-investor buying as o/o by Anonymous on September 27, 2014 @12:03

Browsing through some recent HUD home sales, I noticed that a local investor had purchased multiple HUD homes that were open only to owner/occupied. These were spanned over a few years, but he has over 20 properties in his portfolio.

I'd like to cash in on these deals, as it's obvious others are as well. If I were to make a cash sale posing as an o/o, what would be the harm? What's the likelihood of being called out? Does anybody even check? I mean HUD is a government entity, which pretty much means that it's inefficiently run. Has anybody done this, and if so can you give some advice?

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Re: HUD homes-investor buying as o/o by Anonymous on September 27, 2014 @13:13	[ Reply ]

I've got an idea. Why don't you go ahead with your plan, and then get back to this forum in about 5 years when you get released from jail for defrauding the federal government, and let us know if you made any money on your deal.

Re: HUD homes-investor buying as o/o by Nicole (PA) on September 27, 2014 @14:09	[ Reply ]

this is actually one area of the federal government that is run efficiently ...not sure how they do it but they do check down the road for owner occupancy. As the other poster stated, why in the world would you attempt to defraud the U.S. Government ... figure out the legal way to buy these properties.

Re: HUD homes-investor buying as o/o by Anonymous on September 28, 2014 @11:04	[ Reply ]

you should watch the episode of the Sopranos called "Watching too much Television" for more ideas on how to make money on investing in HUD property

Re: HUD homes-investor buying as o/o by Dave ((Michigan)) on October 1, 2014 @08:35	[ Reply ]

I have done this a few times. But I did make it my residence. I bought a house, fixed it up, moved in for 6 months to a year then bought another house. My lender told me as long as you are purchasing it to move into it you can buy as owner occupied, even if you only live there a short time. If you plan just to buy as owner occupied but never live there you can get in severe trouble. Unless you are currently renting somewhere. If you have no other primary residence I've seen it work out. But I'm no lawyer and you are taking a risk.