Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 3 years ago, 11/04/2021

User Stats

335
Posts
291
Votes
Tanner Pile
Agent
  • Real Estate Broker
  • Colorado Springs, CO
291
Votes |
335
Posts

Getting Lenders for Multifamily

Tanner Pile
Agent
  • Real Estate Broker
  • Colorado Springs, CO
Posted

I've been talking to several lenders to do FHA loan for a triplex in Colorado Springs $530k. I currently house hack a 2/2 Condo and would rent it out. Lenders won't accept any profited rental income towards my income but will cancel out the debt if I provide them a lease. All good so far but this is where I ran into trouble... I'm told that if I'm going to rent out my current primary residence and purchase a multifamily (Triplex) as my next primary residence, according to FHA rules that property must be more than 100 miles away from my 2/2 condo. Because of this I won't be able to go the route of a multi-family property as my next property (One that the numbers work and in good location that is).

 Has anyone run into this type of trouble before? And have any advice or good lenders to work with to help in this situation?

  • Tanner Pile

Loading replies...