Real Estate Investment Question...?

Question

How long before I can convert my primary residences to an investment property and move into the new place?

Answer 1

You signed an occupancy statement at closing. As long as you occupied the property post closing there is no set time that you must maintain occupancy. If you live there for 6 months you should be fine. Just don't make a habit of it or it will appear that you are buying for investment purposes and misleading the lenders in order to avoid non-owner pricing.

Answer 2

You may do it as soon as your transaction close. Most of the lenders have a statement in their loan docs that says you intend to make this your primary place to reside. I have not seen a lender come knocking on your door to see who reside there.

Perhaps you should change your strategy, instead of purchasing single family homes purchase 4 units, live there until your rent equal your mortgage payment and then move to another 4 unit.

You should do this about 4 times giving you a total of 16 rental units and by the time you have completed your last one you should have a positive cash flow as well as on your way to being a millionaire.

Don't become refinance happy as you will lose all your equity also your monthly mortgage payment goes up, but your rent might have to remain the same. You should get your equity in all your property below 50% to be comfortable.

If you make a plan, stick to it, solve problems you will be ok. don't forget to join the Apartment Housing Association. This group will be able to teach you about local rental customs, needed forms, how to get a credit checks as well as other necessary things to make you a successful landlord.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Need extra specifics as to what used to be the funding, how did they defraud, did you put money into a estate that has long gone down in significance? Not adequate knowledge to provide a reasonable and valued reply