thanks for the help

[diogom]

thanks for the help

[REIforNewbies]

@diogom post:1

…I bought a house from hud 15 days ago. I bid as an owner occupant, won, and was going to spend 10k to rehab than put it on the market…

I am NOT an REIClub moderator but in my experience on this forum we do not normally discuss how to “get away with fraudulent actions”. My recommendation to you is that you do not contract to purchase a house as an owner occupant unless you plan on occupying the home.

Chris

[diogom]

thanks for the help

[kdhastedt]

@REIforNewbies post:2

@diogom post:1

…I bought a house from hud 15 days ago. I bid as an owner occupant, won, and was going to spend 10k to rehab than put it on the market…

I am NOT an REIClub moderator but in my experience on this forum we do not normally discuss how to “get away with fraudulent actions”. My recommendation to you is that you do not contract to purchase a house as an owner occupant unless you plan on occupying the home.

Chris

Moderator or not, buying as an investor during the O/O period is just plain wrong and those that knowingly do it are dirtbags - plain and simple. These programs are meant to assist people that really need housing at an affordable price, not greedy PIGS that are trying to get over on the system. Frankly, your agent is a liar and a thief and should be banned from dealing with HUD as well as should loing his license permanently. He was wrong and he KNOWS it. Additionally, it is incumbant upon the BUYER to understand the rules and abide by them. “If you had to ask, you knew it was WRONG!”

People that do this and know they are doing it, disgust me. I would hope that the government gets involved, the FBI investigates, and the maximum penalty allowed by law is levied.

But, hey, that’s just me. The good news is that the REI world is smaller than one might think, the word gets around fast and then no one will do business with the sleazebags.

Keith - posting as a Member with a conscience