I am currently house-hacking a duplex on a 0% down conventional loan that has me as the primary occupant. I closed on this deal September 30th, 2022. I really want to move out and buy a SFH that needs cosmetic upgrades only (carpet, paint, flooring, cabinets/counters), but can be moved into on day 1. My vision is to live in this via a FHA loan or a similar loan product, and spend the year requirement fixing it up. At the end of that year, I’m hoping to do a cash out refinance and then rent it out, using whatever money was created in equity to buy more property.

There are a few issues that are holding me back, although I refuse to be told “You CAN’T do it” and instead want to ask “HOW can I do it”….

1) My current loan on the duplex has me as an owner occupant or primary residence… I would like to move out and rent out my unit but I feel like I wouldn't be able to get away with this…. Is there a way I could move out before the year is up? And use another owner-occupant loan on a SFH?

2) I am really low on funds and currently can't afford a down payment on a SFH by myself right now…. But if I continue to live in the duplex, it will be draining me of any savings due to the high portion I owe towards the mortgage/expenses... I know this sounds stupid ("If you are low on funds, how can you expect to fix up the SFH?".... this is why I'm asking for advice and tips on here... to see HOW I can make it work)

3) If I was able to move out and rent my side, then use a FHA loan to get a SFH and do a live-in BRRRR, what are some ways I could finance the materials and rehab costs? I Don't have the funds to tackle something like this but I don't want that to stop me, since I fear I may never have the funds if I continue to live in the duplex… and I would be learning to do a lot of the work myself (but also contracting some out) I would love any advice or input you guys have for me. I REALLY would like to rent out my side of the duplex ASAP, and use a low downpayment loan product to do a live-in BRRRR with my girlfriend. Looking forward to getting creative and doing whatever it takes. Thanks!!

Columbus, Ohio

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