FHA to rental

[Tanner Hargis]

Hi everyone! I've read good information on here about FHA loans and Im trying my best to learn as I'm new to this world.

My wife and I want to start on our investing careers. My wife has never bought a house and we thought it would be best to use an FHA loan under her name. We would of course live in the house for the required time of 1 year most likely longer. My question is after a year or two can we just go ahead and rent it out? Would we have to refinance to a conventional loan for this to happen? We were thinking it would be best to buy a house in a good neighborhood for a good price and fix it up and eventually rent it out. If we could pull money out of it to do another property on a conventional loan that would be great as well.

Any thoughts or comments to make sure we are at least on the right thought process and path would greatly be appreciated, thank you.

[Anthony Angotti]

Hi @Tanner Hargis

As long as you meet the terms of the loan you can use it for whatever. Simply though the FHA program allows you to rent it out after you have met your occupancy requirement of a year.

Why not buy a 2-4 unit property with FHA and rent out the other units while you live there. That is completely allowable.