House Hacking If I Already Have a 30yr Conventional Loan

[Mitchell Lash]

Hello BP, I currently am residing in a property I purchased last April with a 30yr conventional loan. I put down 3.5% and got a great deal on the property. Rents in my area would allow me to cashflow massively on this property if I were to rent it out. Since I already have a 30yr conventional loan, would I be able to get approved for another 30yr conventional loan with a 5%-or-less downpayment on a 3-4 unit property that I would move into and rent out the house I am currently living in? 

[Landon Bleau]

Great question, odds are you have to live in the property for at least 1 year from the date you closed on the property.  You can look at your closing documents to confirm, but that's what the majority of lenders require.  After you've lived in the property for 1 year, you're able to rent it out and go get another conventional with a low down payment just as you're looking to do.  You are able to rent the rooms in your current property while you live there however, assuming there are no laws against it in your area, which is a great way to save up money for that next property!