Living in your own 5+ unit property
This could be an extremely novice question, but my wife an I are living in the Bay Area and looking to buy a home. Both of us have wanted to invest in Multi-Family unites and thought this might be a great time to invest, especially if we can live in one of the unites.
This is where my questions is, would we be able to purchase a 5+ unit property on a commercial loan and live on the property? I am not sure if this is enough info, but it is my first question on there!
Most Popular Reply
#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
- 16,142
- Votes |
- 10,267
- Posts
#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Yes, you CAN live there, but you won't qualify for an owner-occ residential mortgage like you would if it was 4 units or less.
I like the idea though. Just know you will be dealing with at least a 25% DP, a higher & adjustable rate, shorter term that's callable every 5 years and they will bother you every year to report your finances to them.
Sure you don't wanna buy a quad instead??