House Hacking with RV in backyard?

[Ethan Patterson]

I have a question... My wife and I in the Portland OR area are looking to get into real estate investing, and we want to start by house hacking. We are currently strategizing our first move. A friend of ours just listed for sale a living trailer/tiny home that has been nicely renovated, for a reasonable price. If we were to find a single family home in the Portland area with a decent lot size (large enough for the trailer), would we be able to secure an FHA owner occupied loan to purchase the property and rent out the house while we live in the trailer on the same property? Would this be legal?

Appreciate any responses. Thanks!

[Mathew Wray]

Ethan, 

You're likely to find good results, but I'd be doubly sure and talk with the city like Nathan recommended. We have clients who bought a place with an extra long driveway, added in an electrical connection (I believe sewer as well) and rented out a spot in the driveway to a guy with a tiny home for him to park it there. The city was fine with it as long as there was enough parking for all residents. 

Worth more research, but you're on the right track. Let me know if you want to talk to an experienced lender as well...you'll want to make sure you don't run afoul of FHA rules on occupancy. Worst case scenario, you buy and live in the house, rent out the tiny home for a year, then once your occupancy requirement is met you jump over to the tiny home and rent out the house. And that's not a bad "worst case" scenario.

Mathew